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Poetic Justice

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9

February 06, 2008 – Comments (6)

Ouch, when Buffett speaks, his words can be strong...

 

"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."

Unfortunately, banking heads that brewed this toxic mess walked away with the biggest bonuses in history kind of thing, and I think it was JP Morgan that deepened 2007 losses even more billions by accelerating bonuses.  What is truly unfortunate is that too many have gotten ill deserved bonuses, indeed, and had paycheques that were grossly inflated.

6 Comments – Post Your Own

#1) On February 06, 2008 at 8:27 PM, abitare (35.58) wrote:

Buffett is the King of Great Quotes:

"I wouldn't quite call it a credit crunch. Funds are available," Buffett said during a question and answer session at a business event. "Money is available, and it's really quite cheap because of the lowering of rates that has taken place."

He added: "What has happened is a repricing of risk and an unavailability of what I might call 'dumb money,' of which there was plenty around a year ago."

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#2) On February 06, 2008 at 8:48 PM, AnomaLee (28.64) wrote:

No, dumb money never disappears. They're always there at prices that shouldn't exist, and they're all just selling now instead of buying....

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#3) On February 06, 2008 at 8:52 PM, joeykid13 wrote:

Well, I must say, in defense of Warren;  "Mr. Buffet, though he has spent his whole life analyzing the business of securities, could never have fathomed the depth of dishonesty, the human person was capable of.", "Furthermore, though he is neither naive, supsicious, or paranoid, has ever felt that collectively, the human person was ultimately, nothing other than, intrinsically good." , "In light, of the recent developments in the world markets, now made clear, he recognizes the end of something, once good, now wholly unsavory, and expresses his personal sadness thereof."

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#4) On February 06, 2008 at 9:02 PM, dwot (47.53) wrote:

Joeykid, Buffet doesn't need defending, he called it completely correctly.

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#5) On February 06, 2008 at 9:09 PM, joeykid13 wrote:

True, dwot, I acquiesce, I only make that statement because I am one of the few caps players who have shorted BRK-A.  Warren has not been blindsided, it is just that he has not been victimized yet...and he will be, along with his empire...just a little pre-emption, cause I care.

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#6) On February 06, 2008 at 9:37 PM, abitare (35.58) wrote:

FYI  - Buffett vs Greespan on Derevatives:

The Great Derivatives Smackdown 

http://www.forbes.com/2003/05/09/cx_aw_0509derivatives.html 

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