Comment Of The Day: WMD II

clipped from meganmcardle.theatlantic.com "The facts that Warren Buffet called exotic derivatives "financial weapons of mass destruction" and state regulators were trying urgently to get reckless mortgage lending under control were just random noise in the system. Uh, huh." Before we put another halo on Warren Buffett, it's worth remembering that he was and remains the largest shareholder of Moody's (via Berkshire Hathaway), and Moody's was slapping triple-A ratings on plenty of exotic derivative securities, including CDOs full of sketchy mortgage-backed securities. As long as Moody's was using its oligopolistic position to rake in high profits, Buffett doesn't seem to have cared much about how it was earning them.