Third richest person in the world Warren Buffett spoke in support of Goldman Sachs at a press conference on Sunday, saying that the bank didn’t do anything to warrant the public fury that has ensued, and also that things are getting better, ya’ll!
Buffett said he is seeing real signs of improvement in the economy, especially in manufacturing, though it will take another year for a sustainable housing recovery to take hold, Reuters reports.
Buffett’s company, Berkshire Hathaway, owns $5 billion of Goldman preferred shares (with a 10 percent dividend), so it’s not terribly surprising that Buffett has become a staunch defender of the financial company.
Reuters also reports “a lighter mood” at yesterday’s press conference, during which Buffett took a bag of peanut brittle from Berkshire vice chair Charles Munger — “saying, ‘I’ll get that Charlie’ — and ostentatiously gnawed it open with his teeth.”
Meanwhile, the Bureau of Economic Analysis has reported consumer spending is up 0.6 percent from February, tricky peanut brittle bags be damned.