Thursday, February 23, 2006

Warren Buffett on How to avoid fraud

"There's no short answer on how to avoid fraud. But there are whole fields where there's too much fraud, so we avoid them."

"We've been defrauded very infrequently over the years. If we do get defrauded, it'll be by someone carrying [Ben Franklin's] Poor Richard's Almanac under his arm."

"Crooks are often obvious. For example, Robert Maxwell's nickname was 'The Bouncing Check,' yet Salomon was trying to lend him money until three weeks before he went under. Wall Street has no filter, as long as there's profit."

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