Buffett to testify before US panel on financial crisis

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, politici...