FCIC Has to Force Buffett to Testify on Ratings Agencies
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.