I can't believe I didn't see this link before:
Click on the "replay" button in the middle of the screen, and you'll get a live blogging report from the 2009 Berkshire Hathaway shareholder meeting.
According to the blogger, Charlie Munger made a comment about the subjectivity of bank earnings:
General accounting principles allow banks to show high earnings based on foolish investments. Munger says that kind of accounting should not be allowed.