I didn't mean that defending a company implies intregity, but rather that Buffett's intregity implies that he will defend the company. A statement doesn't imply

I didn't mean that defending a company implies intregity, but rather that Buffett's intregity implies that he will defend the company. A statement doesn't imply its converse, and there is absolutely no reason to jump to conclusions. "Caveat emptor" is usually a bad principle with which to run an economy, but when it comes to financial people buying, selling, and trading assets, "caveat emptor" is the way things are done and many respectable people think this is probably the only correct way to do things, at least on the micro and meso scales. Whining about clients getting screwed is like whining about people showing up to Fight Club and getting punched. And Buffett and Munger even express a degree of distaste for the deals in question, lawful or not, which is more than most financial people would allow themselves. Your quote doesn't even imply Buffett thinks it's "OK", merely that it's difficult to feel sympathy for those on the wrong end of the deal. Those clients aren't random consumers, they were financial guys who were supposed to know better.