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CNBC Transcript: Warren Buffett on MF Global and Excessive Risks (Part 3)
CNBC.com | November 14, 2011 | 12:49 PM EST

This is part three of an unofficial transcript of Warren Buffett's three-hour long live appearance on CNBC's Squawk Box this morning, Monday, November 14, 2011. ( Click here for part two.)

Buffett revealed that Berkshire Hathaway has bought almost $11 billion worth of IBM common stock this year. He also said it is " not clear " that Europe has the will or ability to do "whatever is necessary" to fix its debt problems.

In this section, Buffett discusses the MF Global situation. He also speaks more generally about what should happen to CEOs who take big risks that fail, requiring government intervention.

ANDREW: Let's get back to Becky in Omaha with the "Oracle of Omaha." Becky.

BECKY: Hey, thanks, Andrew. You know, we've been talking about a lot of different things, and we've been asking for your questions coming into the Squawk email box and coming to the Squawk Twitter feed, which I'm still trying to learn. I think it's @squawkcnbc .

But, Warren, we did get some questions that have already been coming in through the weekend on that. And I want to bring you one that comes from @bigskywalker. He asks the question--I'm assuming it's a he, it could be a she. "Why do events like MF Global continue to happen? And are the penalties too light for the officers and directors?"

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