Warren Buffett has been speaking out in various interviews in which he criticizes the huge rewards for the financial industry.
In a recent interview, Buffett, the CEO of Berkshire Hathaway, told The Guardian that, "It's infuriating for people to see their friends losing their jobs, their friends having their homes foreclosed on and no one going to jail."
Meanwhile, in an interview released yesterday that was done by Business Wire, Buffett criticized Wall Street's current compensation model and argued that a more balanced system is needed that includes "sticks" as well as "carrots." Buffett called for the creation of a "downside" for individuals who have walked away rich from the messes they've created, not only for their own financial institutions, but for society. "There have to be incentives," Buffett said, "not only to get rich, but to behave well."
During the same interview, Buffett said he believes the U.S. economy is no longer in the "emergency room," but isn't in full recovery either. He praised government authorities for taking the appropriate measures to quell fears created by the economic crisis over the last year and for preventing the economy from "going over the cliff." Buffett warned that while we are out of immediate danger, remedial action is still needed to cure broader systemic issues.