Giant Vampire Squid: Bad Regulations to Blame for Turmoil

Warren Buffett and Charlie Munger again defended Goldman Sachs on Sunday, saying faulty government regulations are to blame for most of the economic turmoil of the past few years, not investment banks, The Associated Press reported.

Berkshire Hathaway’s top two executives met with reporters a day after taking questions before a crowd of about 37,000 at the Omaha company’s annual meeting.
Mr. Buffett has been one of Goldman’s biggest supporters before and since the Securities and Exchange Commission filed its civil lawsuit against the bank last month. Berkshire holds $5 billion in preferred shares of Goldman. Mr. Buffett said he has no plans to sell those shares because they remain a very good investment and are paying 10 percent interest a year.

Goldman shares have fallen 22 percent since the S.E.C. filed its suit on April 16, closing Friday at $145.20. Berkshire holds warrants that would let it buy the stock at a discount price of $115 per share.

http://dealbook.blogs.nytimes.com/2010/05/03/berkshire-execs-blame-turmoil-on-bad-regulation/?src=busln

Sounds like a spoiled child that got caught, doesnt it?

We did it because you did not say we couldn't????

Remember when our mothers used to say " Well, if your friends jumped off a cliff, would you too"?

Don't you kinda wished he was the kid who did jump?