Lots of financial institutions acted with stupidity and overreached to improve earnings in recent years. Investment banks spend enough time thinking about risk and ways to avoid it like he and Buffett do at Berkshire.
The current financial crisis is a by-product of a system that encouraged executives to "paint pretty pictures”. We try to behave as if Berkshire stock was all owned by crippled relatives.
-Charlie Munger, Berkshire Hathaway