What is ' probably hedging the company on currencies for which it had no exposure'?
Munger took advantage of the topic to take a shot at the “diseconomies of scale” of bureaucracy. Where a large corporation might go bonkers and develop an entire floor of currency traders—probably hedging the company on currencies for which it had no exposure—Berkshire seeks to keep things simple, “so the chairman can sit and read annual reports all day.”

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"to hedge" means invest in a financial product that helps to minimise the risk of losing money from another investment. e.g. If you have a lot of investments in sterling and you can see that the value of sterling against the dollar is falling, a good hedging strategy could be to invest in dollar-based investments. The effect is to spread or minimise risk.

In this case, I guess that the writer is saying that company is being stupid. If it has no risky currency investments which it is exposed to, then there is no need to hedge. Does that make sense?