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US banking crisis: Warren Buffett says bosses should face ‘punishment’

Billionaire investor believes ‘CEO and directors should suffer’ when banks they run get into trouble

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The billionaire investor Warren Buffett has said executives who led the US banking system into crisis should face “punishment”, as the American economy grapples with the worst series of bank failures since the 2008 financial crash.

The owner of the investment firm Berkshire Hathaway said US bank directors “should suffer” when they run into trouble, adding that he was wary of most banking stocks because of “the messed-up incentives”.

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