NEW YORK (
, the CEO of
, was vocal about his bullish take on the U.S. economy on Monday, but the Oracle of Omaha continues to be bearish about
Moody's Investor Service
in blocks and shortly after rallies in the share price of the U.S. solar bellwether.
Berkshire Hathaway insider sales transactions reported to the Securities and Exchange Commission on Tuesday afternoon show Warren Buffett selling more than 1.3 million shares of Moody's. Buffett's sale of Berkshire Hathaway's huge and long-time stake in Moody's has been a general trend established over the preceding year.
Buffett sold Moody's shares at a price just above $25 in the series of insider sales that started on Sept. 10.
Buffett was in the headlines early on Tuesday morning for comments he made at an economic summit stating there would be no double dip recession.
Buffett's relationship with Moody's is so close that Buffett was forced by the federal government's Financial Crisis Inquiry Commission to testify earlier this year under subpoena about the role rating agencies played in the financial crisis. During his testimony, Buffett stopped short of saying that the rating agencies were to blame for the financial crisis, but he did say that Moody's top executives deserve to be treated with a meat cleaver as a result of their management.
Back in mid-August, the latest backward-looking portfolio data from Warren Buffett was revealed, with the biggest transaction in the previous quarter a bulking up in shares of Johnson and Johnson.
In the August quarterly filing from Buffett, the Berkshire Hathaway stake in Moody's was unchanged from the prior quarter. Earlier in the year, Buffett had been consistently selling Moody's shares. Berkshire Hathaway's total stake in Moody's at the end of the last quarter was over 30 million shares.
--Written by Eric Rosenbaum in New York.
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