FCIC Has to Force Buffett to Testify on Ratings Agencies

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Thursday, May 27, 2010 at 6:51 pm

Fortune has a great story up: The Financial Crisis Inquiry Commission requested that Warren Buffett, the head of investment giant Berkshire Hathaway, come testify. He declined. The panel — charged with investigating the causes of the financial crisis and known for its aggressive and public grilling of Wall Street executives — asked again, this time using somewhat stronger language. Buffett again said no. So the FCIC subpoenaed the Oracle of Omaha, in all caps no less. “YOU ARE HEREBY COMMANDED to appear and give testimony,” their letter read.

And, lo and behold, Buffett will testify on Wednesday on the subject of ratings agencies. Berkshire Hathaway controls a major stake in Moody’s, one of the three big credit raters.

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North Capitol Street » Blog Archive » FCIC Has to Force Buffett to Testify on Ratings Agencies
Pingback posted May 27, 2010 @ 7:33 pm

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Comment posted May 28, 2010 @ 2:30 pm

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Jack H
Comment posted May 28, 2010 @ 3:30 pm

Until I saw this news item, I like many people had pretty much total faith in Warren Buffett's integrity. Now I have a shred of doubt. You would certainly think a public-spirited citizen would want to help the Commission. The best way to avoid “aggressive” grilling is to sit down privately ahead of public testimony and be forthcoming. Buffett has refused to do that, so the Commission probably does not know what his testimony will be. He is acting like a hostile witness. Why? I'd like to hear an innocent reason, I really would. I don't know anything much about the Commission. Is it stacked to give a predetermined result that Buffett doesn't like?


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