Monday, April 19, 2010

Buffet and Berkshire Hathaway: Trade one fraud for another

Great article here:

For those interested in Buffet, recall that in a recent article the Oracle of Omaha explained that he did not bail out Lehman Bros. because he felt that he couldn't trust them. They hurt their reputation and therefore he would not invest with them.

And now Goldman Sachs has been charged with Fraud by the SEC.

I wonder if he feels betrayed by their behavior or if they disclosed their behavior and Buffet invested anyhow.

What did he know and when did he know it. Shouldn't he tell us? Isn't Berkshire a publicly held company?

People have a myth of Buffet that because he is a smart and talented and hard working investor and talks about integrity, that integrity to him means the same as it does to you.

My problem isn't with Buffet. I admire his skill and his good fortune. I do have a problem with the idol worship of the person; like a movie star without the sex appeal.

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