Buffett: Bank woes are “poetic justice”
Unlicensed, unregulated greed at
the grassroots level.
Warren Buffett and friend
The woes in the U.S. financial sector are “poetic justice” for bankers who designed and sold complex investments that have since gone sour, says billionaire investor Warren Buffett…
Buffett, one of the world’s wealthiest people, appeared to see irony in the fact that many of the banks who marketed complex investments which have now crashed are bearing much of the fallout.
“It’s sort of a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end,” he said…
Buffett tends to favor companies with relatively simple businesses, strong management, consistent earnings, good returns on equity, and little debt.
You can see why he isn’t popular with a lot of politicians.
Posted: Sat - February 9, 2008 at 12:47 PM