“Only when the tide goes out do you discover who’s been swimming naked,” said Warren Buffett.
Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money.
To put that in perspective, 75 percent of the debt these companies have issued since late November has come with a federal guarantee.
Follow on here:
Even the most pious among us will sacrifice their principles when their own money is at stake.
And the reason none of his investments went the way of Lehman and Bear has nothing to do with superior fundamentals.
And I didn’t even mention the accounting shenanigans these guys are playing.
Buffett SAYS a lot about accounting integrity, but his businesses are engaged in some very shady number fudgery.
People give Buffett a free pass because they think, deep down, he really cares about their interests. I think he does too. Just not when they conflict with his own.
Reuters, as our water goes dry.