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Charlie Munger: Lehman Was the Worst, But 'Impressed' By Goldman's Blankfein
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Charlie Munger tells CNBC that Lehman Brothers' behavior was the worst of the big Wall Street firms in recent years, and it "came right from the top."
By contrast, he says he's "favorably impressed" by Goldman Sachs chief Lloyd Blankfein. [GS
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He does note, however, that Goldman did "participate with its industry in urging permissive rules for investment banking that I think were socially undesirable."
In a taped interview today with CNBC's Becky Quick, Munger says Lehman's Richard Fuld was guilty of "megalomania" and "isolation." Lehman's spectacular collapse in September of 2008 helped deepen the credit crisis.
Munger, and his long-time partner Warren Buffett, will almost certainly get questions at tomorrow's shareholders meeting about Berkshire's 2008 investment of $5 billion in Goldman, in light of the SEC's accusations of fraud against the firm, and a related criminal investigation.
Berkshire Hathaway stock prices:
Class B: [BRK.B
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Class A: [BRK.A
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