Buffett on hell and the subprime crisis

Shareholders of Berkshire Hathaway gathered in typically worshipful fashion at their annual meeting. The press loves the event, along with the company's annual report, as a chance to to glean some nuggets of folksy investor wisdom from the sage of Omaha. The meeting is sometimes called the Woodstock of Capitalism. Some of the more interesting comments came in the Q&A with the media. "Capitalism without failure is like Christianity without hell," Buffett said. He and Charles Munger suggested that top banks do not deserve a lot of sympathy, as they are responsible for the mess they created. Buffett noted the system encouraged executives to "paint pretty pictures."  

For more:
- here's a wrap up from the Los Angeles Times

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