'Tough Love'
Munger slipped 16 places to 230th on Forbes magazine's 2009 ranking of the wealthiest Americans as Berkshire's stock gain last year trailed the advance in the Standard & Poor's 500 Index. His stake in Berkshire, which didn't take government aid, is worth about $1.6 billion.
"To say you need tough love sometimes is probably right," said David Kotok, chief investment officer of Cumberland Advisors Inc. He said single mothers are unable to find work and added, "So I think it's kind of harsh to say, 'Tough, no help for you.'"
New York-based Goldman Sachs took $10 billion in U.S. capital, while San Francisco-based Wells Fargo received $25 billion. Both banks have repaid the bailouts.