<story><title>US banking crisis: Warren Buffett says bosses should face ‘punishment’</title><url>https://www.theguardian.com/business/2023/may/07/us-banking-crisis-warren-buffett-says-bosses-should-face-punishment</url></story><parent_chain><item><author>SoftTalker</author><text>&amp;gt; Charlie Munger, the Berkshire Hathaway vice-chairman and Buffett’s right-hand man, echoed his concerns, telling the meeting: “I don’t think having a bunch of bankers, all of whom are trying to get rich, leads to good things. I think bankers should be more like an engineer, avoiding trouble rather than trying to get rich … It’s a contradiction in values.”&lt;p&gt;It&amp;#x27;s a good comparison. Engineers can be personally liable if they are negligent in their jobs. Why not bankers?</text></item></parent_chain><comment><author>Seattle3503</author><text>Something that I found interesting moving into the financial sector is that some individuals at the bank can be held personally liable for bad decisions. For example, top compliance officers at a bank can be held liable if it later turns out terrorists (or the like) were able to bypass bank controls. This is supposed to engender good risk management around compliance risk.&lt;p&gt;If we can do it for compliance officers, why not for CEOs? The average citizen is more likely to be harmed by financial collapse than a terrorist.</text></comment>
<story><title>US banking crisis: Warren Buffett says bosses should face ‘punishment’</title><url>https://www.theguardian.com/business/2023/may/07/us-banking-crisis-warren-buffett-says-bosses-should-face-punishment</url></story><parent_chain><item><author>SoftTalker</author><text>&amp;gt; Charlie Munger, the Berkshire Hathaway vice-chairman and Buffett’s right-hand man, echoed his concerns, telling the meeting: “I don’t think having a bunch of bankers, all of whom are trying to get rich, leads to good things. I think bankers should be more like an engineer, avoiding trouble rather than trying to get rich … It’s a contradiction in values.”&lt;p&gt;It&amp;#x27;s a good comparison. Engineers can be personally liable if they are negligent in their jobs. Why not bankers?</text></item></parent_chain><comment><author>spamizbad</author><text>Engineering is significantly more intellectually rigorous than banking and finance. I&amp;#x27;m not trying to say bankers a dumb or anything - far from it. They&amp;#x27;re quite smart, and they know their industry well, but engineering enjoys the privilege of sitting on top of &amp;quot;hard science&amp;quot; and mathematic whereas banking has... economics?&lt;p&gt;Imagine the field of engineering in a world where science still debated whether the world was flat or round, or whether empiricism was even worth the trouble in physical sciences (and if you felt strongly one way or another you were considered an ideologue) -- that&amp;#x27;s where economics is today.</text></comment>