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WASHINGTON (Bloomberg)—Warren Buffett, whose Berkshire Hathaway Inc. is the largest shareholder in Moody's Corp., said the ratings firm's chief executive officer shouldn't be singled out for blame over credit grades on mortgage-related assets that proved to be wrong.
“I'm much more inclined to come down hard of on the CEOs of institutions that caused the U.S. government to unnecessarily bolster them than someone who made a mistake that 300 million other Americans made,” Mr. Buffett said Wednesday at a hearing of the Financial Crisis Inquiry Commission. “That was the greatest bubble I've seen in my life.”
Raymond McDaniel, the CEO of New York-based Moody's, appeared alongside Mr. Buffett before the panel.
&Copy;2010 Bloomberg News