Buffett sidekick Charlie Munger says the bubble was about megalomania, insanity and evil

The vice chairman of Berkshire Hathaway - and curmudgeon par excellence - took it to the bankers, the accounting business, computerized trading, and former Lehman CEO Dick Fuld during a morning conference in Pasadena. As head of Wesco Financial Corp., until recently a publicly traded company with holdings in insurance, furniture rental (CORT), and steel, the 87-year-old Munger was hosting something called "Morning With Charlie" - and apparently Charlie wasn't shy. "The bubble in America was caused by some combination of megalomania, insanity and evil in, I would say, investment banking, mortgage banking," he said. From Bloomberg:

Munger, who helped Buffett build Omaha, Nebraska-based Berkshire into a $190 billion company, used the meeting to fault accountants and bankers, singling out Richard Fuld, previously the chief executive officer of Lehman Brothers Holdings Inc., which in 2008 filed the biggest U.S. bankruptcy. "I would guess that Dick Fuld has not a single ounce of contrition wherever he sits today," Munger said.

Berkshire Hathaway has acquired the remaining 20 percent of Wesco that it doesn't own. Buffett will convert Wesco into a wholly-owned subsidiary of Berkshire.