Buffett: Big Banks Getting Just Desserts
As one investment bank after the next posts billions in losses resulting from the mortgage and credit crises, billionaire investor Warren Buffett said yesterday that the banks are simply getting what they deserve, according to numerous reports today.
Speaking at the annual conference of Berkshire Hathaway Inc., the world’s wealthiest man told the 31,000 assembled pilgrims that the Korean stock market is a safer bet than U.S. banks.
According to :
“„The complexity of the tactics that financial institutions often employ makes it difficult to determine what those companies are worth - even for Buffett.
“„“There are some financial institutions I can’t value,” Buffett said.
Makes the spot beneath that mattress all the more attractive.
