Buffett and Munger share lessons of turmoil

Billionaires Warren Buffett and Charlie Munger say companies have been borrowing too much money and that executives need better incentives.

Berkshire Hathaway's top executives say those are key lessons from the ongoing financial turmoil. Buffett and Munger held their annual news conference on Sunday.

Buffett says having severe disincentives for failure and proper incentives for success is key to ensuring large financial institutions are run well.

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