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Digg
Warren Buffett has been assailed for using some twisted logic this past weekend to defend Goldman Sachs Group Inc. and its trading practices. Now, people are rushing to his defense including Andrew Ross Sorkin in his latest column in the New York Times, and Jill Schlesinger over at CBS Moneywatch who was bothered by the statements, but still has good feelings for the Oracle.
But whether or not you agree with Buffett, it’s worth examining how his logic might affect his views on other investments. That’s the approach taken by Monday’s Writing on the Wall column on MarketWatch, which skewers Buffett’s propensity to talk his book of investments. In a fictional letter to shareholders, the column’s voice of Buffett tackles Berkshire Hathaway’s recent effort to carve out an exemption for its derivatives holdings, Greecian debt, Toyota Motor Corp.’s woes and, yes, even Bernie Madoff.
“You know who else get’s a bad rap? Bernie Madoff. Like I said about Goldman, I haven’t seen anything in Madoff’s behavior that makes him any more subject to criticism than investment managers generally. Investment management is a very defective system. When systems are defective, very good people will start doing things that are counterproductive. In this case, that means bankrupting widows, orphans and charities.
Let’s stop here. I know what you’re thinking: I have some financial interest in Madoff. But you’re wrong. I don’t. But I should add that GEICO offers Madoff victims discounts on car insurance and Helzberg Diamonds are a great way to say ‘I’ve got my SIPC settlement.’”
Have a Cherry Coke and read the column here.
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MarketBeat looks under the hood of Wall Street each day, finding market-moving news, analyzing trends and highlighting noteworthy commentary from the best blogs and research. The Wall Street Journal’s Matt Phillips is the lead writer, with contributions from other Journal reporters and editors. Have a comment? Write to marketbeat@wsj.com or write Matt directly at matt.phillips@wsj.com.
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