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Buffett Finally Falls Off His High Horse

Let's reiterate those principles:

1. Trading on inside information is OK because it's not really inside information so it's legal and forget about it.

2. Derivatives are terrible things unless I own them, in which case keep your cotton-pickin' hands off my derivatives.

3. I wear cheap suits and give away a lot of money, and my ghostwritten annual reports are bibles of clear-thinking, Midwestern common sense and plenty of smart principles that I don't always follow.

I hope Warren Buffett continues to wear cheap suits and give away lots of money. He owns the greatest chocolate company in the continental U.S. I've been a customer of Geico for 30 years. I've met the man, and I like him as much as the next guy. I just think that it's time to stop worshipping him.

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Gary Weiss has covered Wall Street wrongdoing for almost a quarter century. His coverage of stock fraud at BusinessWeek won many awards, and included a cover story, �The Mob on Wall Street,� which exposed mob infiltration of brokerages. He uncovered the Salomon Brothers bond-trading scandal, and wrote extensively on the dangers posed by hedge funds, Internet fraud and out-of-control leverage. He was a contributing editor at Conde Nast Porfolio, writing about the people most intimately involved in the financial crisis, from Timothy Geithner to Bernard Madoff. His book "Born to Steal" (Warner Books: 2003), described the Mafia's takeover of brokerage houses in the 1990s. "Wall Street Versus America" (Portfolio: 2006) was an account of investor rip-offs. He blogs at garyweiss.blogspot.com.
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