Buffett Expects 'Terrible Problem' for Municipal DebtBusinessWeek - Andrew Frye, William Selway - 2 Jun, 2010June 2 (Bloomberg) -- Warren Buffett, whose Berkshire Hathaway Inc. has been trimming its investment in municipal debt, predicted a “terrible problem” for the bonds in coming years. “There will be a terrible problem ... |
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Warren Buffett tells US inquiry: it's easy to be wise after the eventThe Guardian - Andrew Clark - 2 Jun, 2010Wall Street's embattled credit rating agencies got it badly wrong in failing to foresee the global financial crisis - but nearly everybody else in the business world made the same mistake, the investor Warren Buffett declared today. ... |
Buffett: Don't blame Moody'sCNNMoney - David Ellis - 2 Jun, 2010NEW YORK (CNNMoney.com) -- Berkshire Hathaway CEO Warren Buffett defended the role that Moody's and other rating agencies played in the financial crisis, even as the industry missed the signs of an ... |
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Buffett Says Moody's Chief Shouldn't Be Singled OutBusinessWeek - Andrew Frye, Matthew Leising - 2 Jun, 2010June 2 (Bloomberg) -- Warren Buffett, whose Berkshire Hathaway Inc. is the largest shareholder in Moody's Corp., said the ratings firm's chief executive officer shouldn't be singled out for blame over credit grades on ... |
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Warren Buffett at the Financial Crisis Inquiry CommissionThe Guardian - 2 Jun, 20103.21pm: As my colleague Graeme Wearden points out in this preview piece, Buffett was less than keen to appear before the Financial Crisis Inquiry Commission - the billionaire only made the trip to New York from his home in Omaha after receiving a ... |
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The Culprit Missing From the Credit Ratings HearingsCNBC - John Carney - 2 Jun, 2010There's something missing from today's Financial Crisis Inquiry Commission hearing at The New School in New York. Today's hearing is divided into three panels: one on the ratings process, one on the role of ratings in the financial crisis, ... |
Buffett: Agencies have Berkshire 'by the throat,' CEOs should go away brokeMarketWatch - Ronald D. Orol - 2 Jun, 2010WASHINGTON (MarketWatch) -- The chairman of a panel examining the financial crisis said Wednesday that he backs a controversial provision included in a Senate-approved bank-reform bill to create a government clearinghouse ... |
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Buffett cools on credit raters in panel grillingKUAR - Kim Dixon, Jonathan Stempel - 2 Jun, 2010NEW YORK (Reuters) - The Oracle of Omaha suddenly seemed short of answers. Warren Buffett, the billionaire whose investments are followed religiously on Wall Street, had no easy remedies when grilled on ... |
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Moody's CEO, Buffett Make Ratings Agencies Seem PointlessCBS News - Daniel Farber - 2 Jun, 2010Warren Buffett, Chairman and CEO of Berkshire Hathaway, testifies before the Financial Crisis Inquiry Commission, June 2, 2010, in New York. First, the CEO of the ratings agency Moody's, which provided favorable ratings for billions in crappy subprime ... |
Moody's staff pressured to give high ratingsTimes Online - Christine Seib - 2 Jun, 2010Ratings analysts were bullied by their bosses into giving top scores to risky mortgage products, executives from Moody's Investors Service told a US government inquiry into the financial crisis. Speaking at a hearing in New York of the Financial Crisis ... |
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CNBC INTERVIEW TRANSCRIPT: Warren Buffett on Moody's & Credit Ratings AgenciesCNBC - Alex Crippen - 2 Jun, 2010This is a transcript of Warren Buffett's live interview on CNBC before appearing before the Financial Crisis Inquiry Commission on Wednesday, June 2, 2010. BECKY: We are standing by at the New School where we'll be hearing from the FCIC Commission in ... |
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Warren Buffett on Who's at Fault for the Financial Crisis: EveryoneDailyFinance - 2 Jun, 2010Billionaire Warren Buffett on Wednesday delivered a pretty demoralizing explanation of the origins of the financial crisis before a panel that's investigating that very issue. The proceedings' intent was to examine the role Moody's (MCO) -- in which ... |
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Buffett Says Moody's Model No Longer 'Bullet Proof'BusinessWeek - Betty Liu, Andrew Frye - 2 Jun, 2010June 2 (Bloomberg) -- Warren Buffett, whose Berkshire Hathaway Inc. has been reducing its stake in Moody's Corp., said the ratings firm has lost some of its competitive advantage. “What was once a bullet-proof ... |
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Two Warren BuffettsMarketWatch - 2 Jun, 2010By MarketWatch NEW YORK (MarketWatch) -- Which Warren Buffett will Phil Angelides and the Financial Crisis Inquiry Commission see Wednesday? Buffett is set to testify as the commission tackles the issue, "Credibility of Credit Ratings, the Investment ... |
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Don't Punish Rating Agencies For Financial Crisis: BuffettForbes (blog) - 2 Jun, 2010Billionaire investor and Berkshire Hathaway Inc. CEO Warren Buffett on Wednesday defended credit rating agencies' performance prior to the 2008 economic collapse, saying that no one should be punished for missing a bubble that the entire US " himself ... |
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Buffett: Derivatives Still a Ticking Time BombThe Washington Independent - Annie Lowrey - 2 Jun, 2010I'll have a story up soon on today's testimony from Warren Buffett, the head of investment giant Berkshire Hathaway, to the Financial Crisis Inquiry Commission on the role of credit rating agencies in the financial crisis ... |
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Moody's Chief Says CDO Ratings 'Deeply Disappointing'BusinessWeek - Matthew Leising, Andrew Frye - 2 Jun, 2010June 2 (Bloomberg) -- Moody's Corp. Chief Executive Officer Raymond McDaniel said his company's ratings of collateralized debt obligations and residential mortgage securities in the past several years have been ... |
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Financial Crisis Committee Grills Moody's on Ratings FailuresInvestment Advisor - Kathleen M. McBride - 2 Jun, 2010The Financial Crisis Inquiry Committee (FCIC) grilled executives from Moody's on Wednesday, June 2, in New York about the pressure on analysts to produce ratings that would help investment banks pump out mortgage-backed securities. ... |
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Buffett Tells CNBC: Demand For 'Brand Name' Credit Rating Agencies StrongBenzinga - Monica Gerson - 2 Jun, 2010In an interview with CNBC, Berkshire Hathaway (NYSE: BRK.A) CEO Warren Buffett said that market will continue to value ratings from credit ratings agencies that have a "brand name" even when government relaxes regulations to promote competition among ... |
Financials higher as ratings agencies in focusMarketWatch - 2 Jun, 2010By MarketWatch BOSTON (MarketWatch) -- The US financial sector was rising Wednesday after suffering a loss of more than 4% during the previous two sessions as investors watched lawmakers question Warren Buffett and Moody's Corp. execs on how ratings ... |
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Warren Buffett to Panel: Moody's Doesn't Deserve All the Blame for BubbleCNBC - Alex Crippen - 2 Jun, 2010In his appearance before a panel looking into the causes of the financial crisis, Warren Buffett says Moody's should not be singled out for blame. Buffett concedes that "looking back," Moody's should have recognized there was a housing bubble and not ... |
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Moody's ignored in-house economists forecasting crashCrain's New York Business - Aaron Elstein - 2 Jun, 2010This is a terrible, horrible, no-good, very bad day for Moody's. Its executives are taking an absolute whipping from the members of the Financial Crisis Inquiry Commission who ... |
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Buffett warns municipal debt next ratings minefieldNational Post - 2 Jun, 2010"If you are looking now at something where you could look back later on and say, these ratings were crazy, that would be the area,” Warren Buffett told US lawmakers Wednesday. NEW YORK " After being blasted for months by critics for exacerbating the ... |
Buffett and Others to Testify About Moody'sFINS - Julie Steinberg - 2 Jun, 2010The Financial Crisis Inquiry Commission must turn in a report on December 15 that outlines the roots of the financial crisis. Up next on deck? Moody's, one of the three major credit ratings agencies that some say helped contribute to ... |
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Buffett: Markets continue to demand brand ratersMarketWatch - Ronald D. Orol - 2 Jun, 2010WASHINGTON (MarketWatch) - The market will continue to demand ratings from top brand name rating agencies such as Moody's Corp. and Standard & Poor's, Berkshire Hathaway's CEO and investing icon Warren Buffett told CNBC TV on Wednesday. ... |
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Buffett's comic performance shows we can't take credit agencies seriouslyThe Guardian - 2 Jun, 2010It is not often that you catch Warren Buffett on the back foot. Today, however, the great investor appeared before the US financial crisis inquiry commission as a witness for the defence of credit rating agencies (he's a big shareholder in Moody's) ... |
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Buffett: No Regrets Owning Ratings FirmsFOXBusiness - Dunstan Prial - 2 Jun, 2010Billionaire investor Warren Buffett told FOX Business Network's Liz Claman on Wednesday he doesn't regret investing in the stocks of bond rating companies and that those firms are not to blame for the recent financial crisis. ... |
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Congress grills Moody's officialsCBC.ca - 2 Jun, 2010US lawmakers grilled top officials at Moody's Corp. Wednesday for the ratings agency's role in exacerbating the financial crisis. Billionaire investor Warren Buffett says he doesn't rely on the opinions of ratings agencies when making investment ... |
Buffett and the Ratings CartelWall Street Journal - 2 Jun, 2010Warren Buffett testifies today before the Financial Crisis Inquiry Commission, and the big question is where he'll come down on the future role of the credit-rating cartel. Mr. Buffett's Berkshire Hathaway owns a large stake in Moody's, one of the Big ... |
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Warren Buffett defends rating agencies for missing crisisTimes of India - 2 Jun, 2010NEW YORK: Billionaire investor Warren Buffet says few could have predicted the depth of the housing crisis and that CEOs of rating agencies shouldn't be fired for missing the warning signs. Buffet is testifying before the congressionally chartered ... |
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