Sunday, March 27, 2016
It will be with us....................
Mr. Seefer: Uh-huh. Any views on the role of fraud, whether mortgage fraud or other types of fraud in the crisis?
Mr. Buffett: Well, I mean, there was, obviously, a lot of fraud. There was fraud on the parts of the borrowers and there was fraud on the part of the intermediaries, in some cases.
But you'd better not have a system that is dependent on the absence of fraud. I mean, it will be with us.
-As excerpted from Warren Buffett's testimony before the Financial Crisis Inquiry Commission