Lose money for the firm, and I will be understanding. Lose a shred of reputation for the...
Join the conversation
Log in or create an account to leave a comment
Log In
Warren Buffett: I thank you for the opportunity to appear before this subcommittee. I would like to start by apologizing for the acts that have brought us here. A nation has a right to expect its rules and laws to be obeyed, but I also have asked every Salomon employee to be his or her own compliance officer. After they first obey all rules, I then want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper to be read by their spouses, children, and friends. If they follow this test, they need not fear my other message to them: Lose money for the firm, and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless
Full Transcript
00:00:01.000 --> 00:00:02.583
I thank you for the opportunity
00:00:02.626 --> 00:00:04.376
to appear before this subcommittee
00:00:05.629 --> 00:00:07.796
I would like to start by apologizing
00:00:07.084 --> 00:00:09.881
for the acts that have brought us here
00:00:09.925 --> 00:00:13.677
A nation has a right to expect its rules and laws to be obeyed
00:00:13.721 --> 00:00:16.513
but I also have asked every Salomon employee
00:00:16.557 --> 00:00:19.099
to be his or her own compliance officer
00:00:19.143 --> 00:00:21.518
After they first obey all rules
00:00:21.562 --> 00:00:24.001
I then want employees to ask themselves
00:00:24.106 --> 00:00:27.482
whether they are willing to have any contemplated act
00:00:27.526 --> 00:00:30.193
appear the next day on the front page
00:00:30.237 --> 00:00:33.405
of their local paper to be read by their spouses
00:00:33.449 --> 00:00:34.865
children and friends
00:00:35.993 --> 00:00:37.534
If they follow this test
00:00:37.578 --> 00:00:40.412
they need not fear my other message to them
00:00:40.456 --> 00:00:43.498
Lose money for the firm and I will be understanding
00:00:43.542 --> 00:00:45.542
Lose a shred of reputation for the firm
00:00:45.586 --> 00:00:47.294
and I will be ruthless
00:00:47.338 --> 00:00:49.003
I welcome your questions
Want This Clip in HD?
Upgrade for HD/4K downloads and unlimited access. Upgrade now →
Movie Summary
The legendary investor started out as an ambitious, numbers-obsessed boy from Nebraska and ended up becoming one of the richest and most respected men in the world.
