The Financial Crisis Inquiry Commission has requested the company of the world’s 3rd richest man next week. And then, when he declined their invitation, they sealed the deal with a subpoena. CNN helpfully points out “If you don’t know how a subpoena works, this one begins with capital letters, ‘YOU ARE HEREBY COMMANDED to appear and give testimony.'”
Why have they summoned the Oracle to Washington?
Warren Buffett is the CEO of Berkshire Hathaway. Berkshire owns a lot of things; some of the ones you are likely to recognize are Dairy Queen, GEICO, Fruit of the Loom, Acme Bricks, and Pampered Chef. Berkshire also holds a lot of big stock positions in things like American Express, Bank of America, General Electric, Coca Cola, and Moody’s. Moody’s is a company that does business and economic analysis. While you might think that AmEx and B of A are what the FCIC is interested in, they want to know more about what happened at Moody’s regarding the investment ratings of mortgage backed bonds.
I wonder what the FCIC expects to hear from Mr. Buffett.
In Closing: the 3 ring circus that is the Nevada race for Senator; California health insurance rates going up (again); none of the 10 Commandments are in the Constitution; Social Security is sustainable; American citizen almost deported to Mexico; Wish List; joblessness among those under 24 at record levels; and Cat Cafes.
still no comments on Warren Buffets testimony? Or did everyone fall over from holding their breath.
What do you guys know about Israeli Dolphin class submarines shooting north Korean torpedos at the BP oil rig?