Warren Buffett, Really Rich Man, Defends Goldman Sachs, Really Rich Men
If one man could be considered the most important single person to the success of the U.S. economy, there is an argument to be made for mega-billionaire Warren Buffet. (This post is not that argument.) But Buffet chose Saturday to lead the counter-backlash, coming out in favor of the embattled Goldman Sachs Co., who have seen their stock plummet since the SEC announced an investigation two weeks ago.
At a meeting of wealthy white men -- Berkshire Hathaway Inc.'s annual shareholders conference -- Buffet, a man practically made of cash and one of the world's top investors, voiced his support for Goldman and its evil, white male overlords.
Via the Wall Street Journal, a newspaper for all wealthy white men:
The billionaire investor said he fully supported Goldman CEO Lloyd Blankfein. Asked if he could choose a successor for Mr. Blankfein, Mr. Buffett said: "If Lloyd had a twin brother I'd go for him."
But in a room of competing old pasty dudes, Buffett's comments weren't exactly met with much fanfare: "His comments on Goldman were largely met with silence."
Mr. Buffett, who invested $5 billion in Goldman at the height of the financial crisis, said he didn't believe that Goldman had acted improperly.
He is maybe right! But can we trust this particular man to have an accurate view, or does $5 billion obscure things a bit? Whatever the case, his vote is certainly a nice one to have.
According to Business Insider, Buffett is "firmly of the view that Goldman gets a big pass in large part because it only deals with sophisticated investors, and because it really shouldn't matter what the motivations are of the person on the other side of the trade."
For more on Buffett's comments, check out the Journal.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in New York, delivered to your inbox.