Warren Buffett blasts mutual funds, CEO pay

[Yo_Mama_Been_Loggin]

NEW YORK, March 6 (Reuters) - Warren Buffett (News) , the world's second-richest person, attacked mutual fund companies on Saturday that cheat their shareholders, and greedy corporate chief executives who make too much money.

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In his annual letter to shareholders of his Berkshire Hathaway Inc. (NYSE:BRKa - News) holding company, the 73-year-old Buffett called on fund and other companies to elect what he called "truly independent directors" who look out for shareholders.

Since New York Attorney General Eliot Spitzer accused four fund companies in September of letting favored clients improperly or illegally trade funds at ordinary shareholders' expense, dozens of fund companies have been swept up in a scandal that has shaken investor confidence.

"I am on my soapbox now only because the blatant wrongdoing that has occurred has betrayed the trust of so many millions of shareholders," Buffett said. "Hundreds of industry insiders had to know what was going on, yet none publicly said a word. It took Eliot Spitzer, and the whistleblowers who aided him, to initiate a housecleaning. We urge fund directors to continue the job."

-more-

http://biz.yahoo.com/rf/040306/financial_buffett_governance_3.html

[havocmom]

1. Hey, Martha was convicted. The 'little guy' got revenge didn't he?

Whadda ya grumbling about? </sarcasm off>

Cudos to the whistleblowers. They will be known as patriots.

[Mari333]

2. a human being with ethics and compassion

something sorely lacking amongst many CEOs and corporate whores.