Buffett Laments Own ‘Abysmal Failure’ at Controlling Bank Pay

Billionaire Warren Buffett, who earns $100,000 a year in salary for running Berkshire Hathaway Inc., said he should have done more to restrain bankers’ pay when he was chairman of Salomon Inc.

“I was an abysmal failure at that,” Buffett said in an interview with the British Broadcasting Corp., excerpts of which were aired on Radio 4’s Today program. “The idea that the people who move money around are some favored class -- and they are in this country even in terms of taxes -- is getting pretty far away from where we should be.”