2023 Annual Meeting

Bad bankers should be punished

Using the failure of First Republic after making mistakes in "plain sight" as an example, Warren Buffett argues that when a bank gets in trouble, "both the CEO and the directors should suffer." And despite his overall concerns about bank stocks, Buffett says he is sticking with Berkshire's big Bank of America stake because he proposed the $5 billion investment that helped it when it was struggling more than a decade ago.

Mon, May 8 2023 • 2:57 AM EDT