Thursday, June 03, 2010

Warren Buffett Lied

Yesterday Warren Buffett gave testimony before Congress on his opinion of Berkshire's large Moodys holding. Specifically Congressman Phil Angilides asked Buffett if Moodys was part of the problem for the sub prime meltdown. I.E. Moodys and other ratings firms gave AAA ratings to mortgage backed securities that turned out to be largely worthless. Buffett answered by saying "mass delusion"infected the country along with Moodys . Therefore Moodys wasn't particularly to blame. Well that's false. How many people would loan money to non documented borrowers? Moodys and other ratings firms not only advised loaning the money but gave a AAA rating. I wonder how many loans Buffett has made during his life to un-documented borrowers?It's time for the greedy man to disappear from the scene.

No comments: