NEWS - ECONOMICS / MARKETS
Categories: Economics / Markets
Topics: Warren buffett
Warren Buffett, chief executive of Berkshire Hathaway, will testify next week before a US panel on the role of ratings agencies in the financial crisis.
He will appear before the Financial Crisis Inquiry Commission, which is charged with writing a full account of the crisis by the end of the year, according to Reuters.
Buffett will testify with Moody's Corp chief executive Raymond McDaniel on June 2 in New York.
The hearing will examine the credibility of credit ratings and investment decisions made based on those ratings.
Buffett earlier this month defended credit rating agencies as an investment, including stakes by Berkshire Hathaway.
He told Berkshire's annual meeting rating agencies "made the same mistake" that he, politicians, mortgage brokers and others did in overestimating the health of the housing market.
However, during the first quarter of this year, Buffett further reduced his stake in Moody's, which stood at about 13% on 31 March.
In the past few months, the Commission has also heard from Goldman Sachs CEO Lloyd Blankfein, JPMorgan CEO Jamie Dimon, former Federal Reserve Chairman Alan Greenspan and former Bear Stearns CEO James Cayne.
Categories: Economics / Markets
Topics: Warren buffett
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