Earlier this week, the Financial Crisis Inquiry Commission released its lineup for next Wednesday's hearing on the credit rating agencies and credit derivatives, and the name of Warren Buffett -- alongside a slate of Moody's Investor Service (MCO) officials -- comprised the Wednesday lineup.
On Friday morning, long-time Buffett "pal" and Fortune writer Carol Loomis -- who edits the Berkshire Hathaway annual letter, serves as moderator during the Berkshire Hathaway annual meeting Q&A, and owns shares of Berkshire Hathaway -- wrote that Buffett refused requests to provide voluntary testimony to the FCIC. It turns out that while Buffett loves showing up on CNBC whenever it suits his purposes, he just couldn't find the time to testify before the federal government as it tries to avoid future financial crises of the type which sank the country and has cost millions of American their homes and incomes.
Requests from the general counsel of the FCIC, Gary Cohen, were responded to by a Buffett assistant, who said Buffett appreciated the invitation and was flattered by it, but he "had a full plate with Berkshire and just can't do it."Apparently, Buffett thought it was an invitation to tea. It wasn't, and it wasn't just the FCIC general counsel who was calling, but the FCIC executive director Wendy Edelberg who sent letters to Buffett asking him to testify, Fortune reports on Friday. Finally, the FCIC was forced to tell Buffett he would receive a subpoena if he did not volunteer testimony, and that's what transpired, with Buffett telling the FCIC to "bring on" the subpoena if that is what it would take to get him to testify. The Fortune report provides some telling details of the legal process leading up to what seems like just another among countless reams of testimony before the FCIC, however, the Fortune report also lets Warren Buffett off a little easy in his reasoning for not offering voluntary testimony.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV