Don't Punish Rating Agencies For Crisis: Buffett

Law360, New York (June 2, 2010, 11:57 AM EDT) -- Billionaire investor and Berkshire Hathaway Inc. CEO Warren Buffett on Wednesday defended credit rating agencies' performance prior to the 2008 economic collapse, saying that no one should be punished for missing a bubble that the entire U.S. — himself included — failed to see.

Buffett, whose investment vehicle Berkshire Hathaway is the single largest shareholder of Moody's Corp. with a 13 percent stake, delivered his remarks sitting side-by-side with Moody's CEO and chairman Raymond W. McDaniel.

The two were attending a hearing called by the congressionally...
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