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What Will Warren Say?

As the financially faithful descend on Omaha for Berkshire’s annual shareholder meeting, what will Warren Buffett say to them about Goldman Sachs?

Goldman Drama

"I expect to get multiple questions about Goldman, and I'll give extensive and complete replies," Buffet told the Wall Street Journal in an interview published on Friday.

Berkshire Hathaway, which invested $5 billion in Goldman in 2008, during the worst of the financial crisis, expects more than 35,000 shareholders to descend on Omaha, Nebraska, this weekend for its famed annual meeting.

Berkshire Vice Chairman Charlie Munger, who will also field shareholder questions at the meeting, called some of Goldman's activities "socially undesirable," according to the Journal.

Goldman was "very competitive in maximizing profits in a competitive industry that was permitted to operate like a gambling casino ... The whole damn industry lost its moral moorings," Munger told the Journal.

But Munger also said he thinks Goldman did nothing illegal and that the firm is "more prudent and ethical" than its major Wall Street competitors, the paper said.


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Trader disclosure: On Apr 30, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AKAM) Call Spread; Najarian Owns (PG) Calls; Najarian Owns (JEF) Calls; Najarian Owns (KGC) Calls; Najarian Owns (C) Calls; Najarian Owns (CBS) Calls; Najarian Owns (NRG) Call Spread; Najarian Owns (TEVA); Najarian Owns (YHOO) Call Spread; Grasso Owns (NDAQ), (DYN), (LPX), (ASTM), (ABK), (BAC), (BGP), (C), (CVGI), (JPM), (NEM), (PRST), (PFE), (BA), (T), (CSCO), (X); Stutland Is Short (SPY) Through Options; Stutland Owns (XLF) Call Spread, Is Short Strangles, Is Long Downside Put; Stutland Owns (CVX); Stutland Owns (WFC) Corporate Bond; Stutland Is Short (BAC) Straddle, Owns (BAC); Stutland Is Short (GLD) Put Spread, Is Long 1x2 Call Spread; Stutland Owns (SLV) Calls, Is Short (SLV) Puts; Stutland Owns (TXN), Is Short (TXN) Call; Najarian Owns (PG) Calls; Seymour Owns (EEM), (AAPL), (BAC), (GOOG) (MSFT); Finerman's Firm Is Short (IWM), (IYR), (MDY); Finerman's Firm Is Long S&P Puts; Finerman Owns (AAPL), (AKAM); Finerman's Firm Owns (BAC), (BAC) Leap; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS); Finerman Owns (GOOG); Finerman's Firm And Finerman Own (JPM); Finerman's Firm Owns (KFT); Finerman Owns (WFC) Preferred; Finerman's Firm Owns (BBY); Finemran's Firm Owns (BP), (BP) Calls; Finerman's Firm Owns (RIG), (RIG) Calls; Finerman Owns (BBY); Finerman Owns (RIG), (RIG) Calls

For Dennis Gartman
Funds Managed By Dennis Gartman Are Short Euro
Funds Managed By Dennis Gartman Are Short Yen
Funds Managed By Dennis Gartman Are Long Gold
Funds Managed By Dennis Gartman Own (DRI)
Funds Managed By Dennis Gartman Are Long Canadian Dollar, Australian Dollar
Funds Managed By Dennis Gartman Are Short Euro, Sterling, Yen
Funds Managed By Dennis Gartman Own (GLD)

For Steve Grasso
Stuart Frankel And Its Partners Own (AMR)
Stuart Frankel And Its Partners Own (BAX)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (CUBA)
Stuart Frankel And Its Partners Own (DYN)
Stuart Frankel And Its Partners Own (GERN)
Stuart Frankel And Its Partners Own (HSPO)
Stuart Frankel And Its Partners Own (MERC)
Stuart Frankel And Its Partners Own (NWS.A)
Stuart Frankel And Its Partners Own (NYX)
Stuart Frankel And Its Partners Own (PALM)
Stuart Frankel And Its Partners Own (PDE)
Stuart Frankel And Its Partners Own (PFE)
Stuart Frankel And Its Partners Own (PRST)
Stuart Frankel And Its Partners Own (RDC)
Stuart Frankel And Its Partners Own (TLM)
Stuart Frankel And Its Partners Own (XRX)
Stuart Frankel And Its Partners Own (SDS)
Stuart Frankel And Its Partners Are Short (QQQQ)
Stuart Frankel And Its Partners Are Short (CL)
Stuart Frankel And Its Partners Are Short (AAPL)

For Brian Stutland
Stutland Equities Is A Market Maker In VIX
Stutland Equities Is A Market Maker In SPX Options And Futures
Stutland Equities Has A VIX Long Position, Short Volatility
Stutland Equities Has A SPX Short Position, Long Volatility

For Matthew Albrecht
Standard & Poor's Other Affiliates May Provide Services To (GS)

For Patty Edwards:
Edwards Owns (ERF) For Clients
Edwards Owns (MCD) For Clients
Edwards Owns (HD) For Clients

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