Warren Buffett. Just another snake?

Even though he was the largest shareholder in Moody’s, Warren Buffett was shocked, just shocked, that they were giving high ratings to garbage debt and anguished before a Senate hearing, who could have known that the ratings were spurious.

Well, actually, the answer to that is – quite a few financial blogs, like Calculated Risk, knew and were blogging about it for months, if not years. Also, Buffett is known for doing intensive research into a company before buying a stake in it.

When the smoke finally clears over the massive greedfest fueled by garbage ratings from companies like Moody’s, Buffett’s reputation may be like what Alan Greenspan’s is now – destroyed. And for good reason.

Here’s how the scam worked. Banksters would package up low-rated toxic glop, take it to Moodys, and if they ok’ed it, the glop then magically took on Moodys triple-A rating. Smoke and mirrors, as performed by snakes.

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