Buffett Backs Moody’s After Goldman Sachs Defense |
| Bloomberg - Jun 3, 2010 |
Warren Buffett, compelled by subpoena to testify, backed Moody’s Corp. at a hearing yesterday, the second time in two months he defended a Berkshire Hathaway Inc. holding against criticism it misled investors.
Moody’s, which gave faulty AAA-ratings to mortgage bonds, was simply one of many firms that failed to foresee the housing slump, Buffett told the Financial Crisis Inquiry Commission. On May 1, he said Goldman Sachs Group Inc. wasn’t to blame for client losses and disputed the conclusions of the Securities and Exchange Commission, which sued the bank for fraud.
Buffett, Berkshire’s chairman and chief executive officer, built a reputation for ethics by warning how the pursuit of short-term profit can compromise longer-term performance. His 2003 views on the danger of derivatives were invoked by President Barack Obama in an April speech. Last month, more than 30,000 people attended the Berkshire annual meeting in Omaha, Nebraska, to hear his views on the company, the economy and public policy.
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- Posted: 2010-06-03 10:33:30
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