Companies 'deserve pain over credit crunch'

Billionaires Warren Buffett and Charlie Munger have told big businesses the pain they are feeling because of the credit crunch is their own fault.

The chairman and vice chairman of Berkshire Hathaway said the financial companies that engineered sub-prime mortgages did not deserve much sympathy as they recorded losses now.

Mr Buffett said the current financial crisis was a by-product of a system that encouraged executives to “paint pretty pictures”.

Mr Buffett and Mr Munger spent nearly three hours answering reporters’ questions yesterday at their only planned news conference of the year.

It is one of the events surrounding holding company Berkshire’s annual shareholders meeting that attracted 31,000 people to Omaha, Nebraska, on Saturday.

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