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

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