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Published on May 3, 2013
"What Cyprus demonstrates is an old truth: You can't trust bankers to govern themselves," Munger told CNBC. "A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it." Seeing parallels between Cyprus and Iceland, Munger called it "stark, raving mad" and added that "the bankers would have been doing even more if it hadn't blown up. I do not think you can trust bankers to control themselves. They are like heroin addicts."