Buffet to Banks: You Deserve This


	Buffet to Banks: You Deserve This

Tom Van Riper

2-7-2008 10:15 AM

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Tom Van Riper says:

Billionaire Warren Buffet takes U.S. banks to task for packaging risky mortgages into complex packages and selling them off, saying they're now getting their just desserts for ignoring the risks for too long.

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					The woes in the U.S. financial sector are "poetic justice" for bankers who designed and sold complex investments that have since gone sour, billionaire investor Warren E. Buffett said Wednesday.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-wrap7feb07,1,1522232.story?ctrack=2&cset=true"><DIV>The head of the Berkshire Hathaway Inc. group of companies also played down worries about a credit crunch by saying that recent interest rate cuts mean that low-cost funds are readily available.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/71E34D96-3035-47EF-8B8B-669E75BC96BD/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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