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Warren Buffett to Panel: Moody's Doesn't Deserve All the Blame for Bubble
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Executive Producer
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CNBC TV Warren Buffett is sworn in before testifying to the Financial Crisis Inquiry Commission in New York City on June 2, 2010 |
Buffett concedes that "looking back," Moody's should have recognized there was a housing bubble and not given such good ratings to what turned out to be disasterous investment vehicles.
But, he says, almost everyone in the country got caught up in "the greatest bubble I ever saw." He includes himself in what he calls a mass delusion. "I was wrong on it, too."
He compared rising housing prices during the bubble as a "narcotic" that affected everyone's reasoning power "up and down the line."
As a result, he rejects suggestions that Moody's needs new management.
- Warren Buffett to CNBC: Market Demands 'Brand Name' Credit Rating Agencies
- Read the CNBC interview transcript
In contrast, Buffett says there should be a "huge downside" for the CEOs and directors of companies that need a government bailout to avoid collapse.
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Buffett replied that while "the Casandras were there" during the housing bubble, most people didn't take them seriously.
Buffett's Berkshire Hathaway is Moody's largest shareholder, but Buffett says he has had virtually no contact with the company's management.
Current Berkshire stock prices:
Class B: [BRK.B
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Class A: [BRK.A
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