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Mr. Buffett Goes to Bat for Goldman, Moody's
OMAHA, Neb.— Warren Buffett, long a critic of the excesses of Wall Street and the risks of derivatives, is emerging as a stalwart defender of the financial system.
At Berkshire Hathaway Inc.'s annual meeting here this weekend, the legendary investor mounted a vigorous defense of Goldman Sachs Group Inc., sued for civil fraud by regulators and under assault by Congress for its business dealings. And he praised the business model of Moody's Corp., whose ratings agency has been lambasted as too cozy with bankers.
Though he acknowledged that banks and other financial firms had engaged in excesses in the years leading up to the crisis, he didn't lay blame at their feet. Wall Street was caught up in a "mania that prevailed throughout the investment world," he said.
"I haven't seen anything in Goldman's behavior that makes it any more subject to criticism than Wall Street generally," Mr. Buffett said at a news conference Sunday, the day after Berkshire's annual meeting.
Mr. Buffett's remarks contrasted with his long-standing mantra against what's he has called the self-serving ways of Wall Street and, to an extent, the ethos of his shareholder meeting generally.
The event, held far from financial centers and attended this year by some 40,000 investors, is a sort of pep rally for Berkshire and its brand of Main Street, basic-business values investing.
"I was surprised by how strong he stood by [Goldman]...and that he wasn't more critical of the Wall Street culture," said Justin Fuller, partner at Chicago's Midway Capital Research & Management, which closely tracks Berkshire.
Mr. Buffett's long-time partner, Berkshire vice chairman Charlie Munger, was blunter in his criticisms of Wall Street. The financial industry is "a very defective system," he said at a press conference Sunday. "When systems are defective, very good people will start doing things...that are counterproductive."
Mr. Munger placed the blame on lax or dysfunctional government regulations, comparing the relationship between banks and regulators to that between a tiger and a tiger keeper.
"When the tiger gets out and starts creating damage, it's insane to blame the tiger, it's the idiot tiger keeper" that deserves the blame, he said.
4. According to the profile of his astro chart he is perfectly capable of cheating and has even a strong urge to do so. He has a very prominent Leo emphasis with his Sun in exact square to Neptun and the Moon in square to Pluto which say he is perfectly into deception and ruthless than it comes to execute it. currently and for a few years altogether Pluto is opposite his natal Venus which is the perfect setup for an affair anyway. ı do not like gossip but we all should know by now that Obama is not the man he tries to make the public believe he is - his heavy Leo emphasis makes him a perfect actor to play this role of an charismatic leader but his setup rather programs him for abusing these skills that might be one reason why he was choosen to become the president since against all public believes the people who run this planet believe in astrology, numerology and other crafts and sciences which are presented by the same people to the public as nonsense.
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Barack Obama Cheating Scandal, Affair With Vera Baker?
Wow, this news is interesting to say the very least. Last night news was breaking via The National Enquirer that President Barack Obama is having an affair with a woman named Vera Baker.
According The National Enquirer, Barack Obama and Vera Baker were caught in a Washington, DC hotel together.
The Obama scandal says: “a confidential investigation has learned that Obama first became close to gorgeous 35 year-old VERA BAKER in 2004 when she worked tirelessly to get him elected to the US Senate, raising millions in campaign contributions.”
The ENQUIRER has also learned that on-site hotel surveillance video camera footage could provide indisputable evidence.
This is news that will definitely start spreading like wildfire this weekend if there is even a remote chance of evidence or truth to it.
According to reports, independent anti-Obama agencies are offering more than $1 million dollars to reports and resources that come forward providing substantial evidence to confirm these rumors.
Here’s the news that The National Enquirer is breaking:
A confidential investigation has learned that Obama first became close to gorgeous 35 year-oldVERA BAKER in 2004 when she worked tirelessly to get him elected to the US Senate, raising millions in campaign contributions.
While Baker has insisted in the past that “nothing happened” between them, the ENQUIRER has learned that top anti-Obama operatives are offering more than $1 million to witnesses to reveal what they know about the alleged hush-hush affair.
Among those being offered money is a limo driver who says that he took Vera to a secret hotel rendezvous where the President was staying.
On the condition of anonymity, the limo driver said he took Baker “from a friend’s home in the DC area to the Hotel George where I learned later that Obama would be spending the night.”
The driver recalled that he “waited in the lobby while she went to change her outfit.
“But to the best of my knowledge she did not have a room at the hotel and she was not staying there so I thought that it was a bit odd.”
The driver said he then picked up Obama at the airport and drove both he and Baker to various locations while he was campaigning for funds. Vera accompanied him to each meeting.
“About 10:30 PM, I drove them to the hotel and they went in together!”
“My services for the evening were done – and there was no indication she was going to leave the hotel that night.”
A top DC source told The ENQUIRER exclusively that the driver’s account had been independently corroborated by investigators who believe the couple spent the night together at the hotel.
The ENQUIRER has also learned that on-site hotel surveillance video camera footage could provide indisputable evidence.
“Investigators are attempting to obtain a tape from the hotel (that) shows Vera and Barack together,” the DC insider confided.
“If the tape surfaces, it will explode the scandal.”
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