Billionaire Warren Buffett Calls for Accountability for Executives of Bankrupt Banks

Billionaire and one of the world's largest investors, Warren Buffett, has stated that executives of bankrupt banks should be held accountable. This was reported by Bloomberg.

“The situation in the banking sector is very similar to what it has always been in the banking sector: fear is always infectious,” Buffett said on Saturday, May 6, during the conglomerate's annual general meeting in Omaha, Nebraska. “Responsibility should fall on the people who created the problems,” he added.

Buffett noted that the failed First Republic Bank had issued huge and unsecured mortgage loans, describing such offerings as sheer madness. “This was done in front of everyone's eyes, and the world ignored it until it exploded,” Buffett concluded.