Charlie Munger Quotes

Opacity on extreme levels is not addressed anywhere, including Dodd-Frank.

The financial crisis is a stark reminder that transparency and disclosure are essential in today's marketplace.

It should strengthen investors' confidence. This is done through transparency, high quality financial reports, and a standardized economic market. This is not just for China, but also for the world market as a whole.

You have more independent eyes scrutinizing the decision-making and financial statements of companies.

The TMPG is the place where market participants recognize and address their responsibilities to each other.

Reasonable regulations are essential to protect consumers from harmful practices and ensure that consumer financial markets operate in a fair, transparent, competitive manner.

Despite its heightened duty, at times the SEC has been inattentive to economic analysis.

It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation, and punishes short-cuts and abuse.

While short sellers probably will never be popular on Wall Street, they often are the ones wearing the white hats when it comes to looking for and identifying the bad guys!

Well, we want to make sure there's not securities fraud.

If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles.

I don't feel any pressure at all to go along with anybody. I feel pressure to do the right thing for U.S. markets and U.S. investors.

It is always important that we have transparency, that we have shareholder protection. Then again, I think it is important that there are not so many regulations that management can't make a decision without asking a lawyer whether he can do it.

There are no absolutes in this world, and there will always be mistakes that are made within brokerage firms; there will always be people who set out to deceive the regulators and even deceive their own senior management.

Under the Dodd-Frank law, the SEC got the lion's share of the rules to write, more than 100 rules, and we have done an extraordinary amount of that. Eighty percent have been either proposed or adopted. So, a lot, a lot accomplished but of course, more to do.

We can't expect Wall Street to police itself - that's why we have a federal government.

As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.

I think the market should reward banks that have been transparent in recognising their problems. I think the tendency of banks to hide the problem assets over a period of three or four years should not be allowed.

I hope we’re on the road to more truth-telling to investors.

The Commission concludes that the banking supervisors failed to adequately and proactively identify and police the weaknesses of the banks and thrifts or their poor corporate governance and risk management, often maintaining satisfactory ratings on institutions until just before their collapse. This failure was caused by many factors, including beliefs that regulation was unduly burdensome, that financial institutions were capable of self-regulation, and that regulators should not interfere with activities reported as profitable.

You cannot have fairness unless you have transparency…We don’t know that is going on inside those boxes … we could have a meltdown [in the entire economy].

Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief

It is not my belief that we need greater government regulation of hedge funds with respect to the systemic risk they create.

I wish we could be private with Tesla. It actually makes us less efficient to be a public company.

As a company, we have to be very transparent. We are in a business very related to finance, and I want this company to last long, and I want this company to be audited by everyone.