Lose money for the firm, and I will be understanding. Lose a shred of reputation for the...
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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
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
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Warren I thank you for the opportunity
00:00:02.087 --> 00:00:04.541
to appear before this subcommittee
00:00:05.666 --> 00:00:07.067
I would like to start by apologizing
00:00:07.087 --> 00:00:09.675
for the acts that have brought us here
00:00:09.875 --> 00:00:13.708
A nation has a right to expect its rules and laws to be obeyed
00:00:13.908 --> 00:00:16.458
but I also have asked every Salomon employee
00:00:16.658 --> 00:00:19.208
to be his or her own compliance officer
00:00:19.408 --> 00:00:21.341
After they first obey all rules
00:00:21.541 --> 00:00:23.842
I then want employees to ask themselves
00:00:24.002 --> 00:00:27.541
whether they are willing to have any contemplated act
00:00:27.741 --> 00:00:30.991
appear the next day on the front page
00:00:30.208 --> 00:00:33.005
of their local paper to be read by their spouses
00:00:33.007 --> 00:00:35.000
children and friends
00:00:36.002 --> 00:00:37.383
If they follow this test
00:00:37.583 --> 00:00:40.174
they need not fear my other message to them
00:00:40.374 --> 00:00:43.005
Lose money for the firm and I will be understanding
00:00:43.007 --> 00:00:45.666
Lose a shred of reputation for the firm
00:00:45.866 --> 00:00:47.457
and I will be ruthless
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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.
