Gasparino Deconstructs Buffett's Hypocrisy
Today's rating agency hearing was a total farce: the only useful thing that could come out of it is if someone comes out with potentially perjurious information, as there were a few shaky answers provided by the Oracle of Omaha which could easily explain not only his reticence at testifying in Congress but doing so under oath. If that were to happen, the octogenarian would have to respond to both potential criminality and hypocrisy. As it stands, the only item to be covered is the latter, and Charlie Gasparino does a pretty good job at blowing apart Buffett's hypocrisy. "He believes [the rating agencies are] a sleazy business and he's gonna own it. Well that takes Warren Buffett down three notches in my book... If Moody's had a superior product, investors like Warren Buffett, who does not use the ratings, would be buying them one at a time. They do not have an effective product. They have a deformed product, a product that basically was at the forefront of the mess in 2008 and 2007. Warren Buffett who opines about politics all the time, constantly opines about right and wrong, defends wrong because it was a good investment. He is defending the indefensible. Rating agencies are not defensible at this. He is Mr. Do Good, yet he is defending the most corrupt business model in corporate America." At least one mainstream journalist out there is not afraid to call it like it is. Of course, we get the feeling that Becky Quick is no danger of losing her leathery wrinkled seat on the next NetJets trip to China.