1: Salomon Brothers CEO John Gutfreund was about to get fired.

The year was 1991. A major scandal had rocked the prestigious Wall Street investment bank.

And, it was all so unnecessary, Charlie Munger writes in Poor Charlie’s Almanack.

Charlie should know. He had a front-row seat to all the action as Vice Chairman of Berkshire Hathaway, then Salomon’s largest shareholder.

2: The scandal happened when Salomon’s traders submitted … continue reading