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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