Munger sees corruption in asbestos lawsuits · Transcript · BuffettMungerGPT

CharlieThe asbestos thing is involved terrible behavior by some lying doctors, terrible behavior by a bunch of lawyers who suborn perjury, and gutless behavior by certain important courts, and even more gutless behavior by politicians who take care of themselves first naturally. In a sense, it's totally crazy for a court system to be paying tons of money to people that have smoked two packs of cigarettes all their life and have one little spot on a lung that no honest doctor would know what the hell it caused, and they aren't yet sick, and they're nearly dead anyway from their other behaviors and longevity. And it's just, it never should have been allowed. But once you get a powerful political force, even judges fear consequences. And it's very easy to drift along with an evil system. Luckily, we aren't using this particular. There are two kinds of asbestos, one of which is virtually harmless, and the other which caused all this damage. And we stopped using the damaging asbestos, and eventually the asbestos problem will go away. But how many people it will leave in some kind of financial wreckage before the storm is over? I can't tell.