The one man Berkshire Hathaway Risk Committee and Chief Risk Officer, 79 year old Warren Buffett, says that directors of major banks are "derelict" if they don't "insist that [their] CEO bear full responsibility for risk control. If he's incapable of handling that job, he should look for other employment. And if he fails at it -- with the government thereupon required to step in with funds or guarantees -- the financial consequences for him and the board should be severe."