explains why in some instances the chairman and CEO position should be divided.
what cyprus demonstrates is an old truth. you can’t trust bankers to govern themselves. the bankers allowed the borrow money at x and loan it out at x plus y will just go crazy and do too much of it. if it doesn’t have rules to prevent it. what happened in cyprus is similar to what happened in iceland. it’s stark raving mad in both cases. and the bankers, they would do even more if they hadn’t blown up. i do not think you can trust bankers to control themselves. they’re like heroine addicts. that was charlie munger who sat down with us on friday. we are live in omaha with berkshire chairman and ceo warren buffett. you heard charlie’s comments. it started out with bankers and ended with what he thought about cyprus and europe. over the weekend, you disagree a bit about the state in europe just in terms of how great of an investment it may or may not be right now, how safety of an investment it is. you talked about how you see things — you would potentially be interested in a deal coming out of europe right now. in the last 12 month, we
