Tags: warren | buffett | goldman

Buffett Ready to Discuss Goldman Woes: Report

Friday, 30 Apr 2010 01:12 PM

 

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Famed investor Warren Buffett will address the allegations facing Goldman Sachs Group Inc. at his Berkshire Hathaway Inc. holding company's annual meeting on Saturday, according to the Wall Street Journal.

"I expect to get multiple questions about Goldman, and I'll give extensive and complete replies," Buffet told the Journal in an interview published on Friday.

Berkshire Hathaway, which invested $5 billion in Goldman in 2008, during the worst of the financial crisis, expects more than 35,000 shareholders to descend on Omaha, Neb., this weekend for its famed annual meeting.

Berkshire Vice Chairman Charlie Munger, who will also field shareholder questions at the meeting, called some of Goldman's activities "socially undesirable," according to the Journal.

Goldman was "very competitive in maximizing profits in a competitive industry that was permitted to operate like a gambling casino ... The whole damn industry lost its moral moorings," Munger told the Journal.

But Munger also said he thinks Goldman did nothing illegal and that the firm is "more prudent and ethical" than its major Wall Street competitors, the paper reported.

© 2014 Thomson/Reuters. All rights reserved.

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