Honey I Shrunk the Fortune - Mercedes-Benz Forum

 
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post #1 of 5 (permalink) Old 03-14-2009, 02:01 PM Thread Starter
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Honey I Shrunk the Fortune

The news is not good for the Oracle of Omaha, but one would think he would have seen it coming.

Losing $25Billion in a year, dropping to Number 2 in the I Shit Gold Bricks List and now having his credit rating dropped down a notch to AA+.

Thank goodness we have been in a booming economy or this could be considered bad.

Berkshire Loses Top Rating on Investments, Buffett Role
By: Reuters | 13 Mar 2009 | 06:25 AM ET

Warren Buffett's Berkshire Hathaway was stripped of its 'AAA' credit rating by Fitch, barely hours after S&P cut General Electric's top-tier rating, as the global financial crisis pummels America's corporate titans.

Citing concerns about Berkshire's [BRK.A 83550.00 -2150.00 (-2.51%) ] equity and derivatives investments, as well as Buffett's tight grip on the company, ratings agency Fitch cut the insurance and investment company's issuer default rating by one notch to 'AA+'.

The downgrade is another setback to Buffett, 78, coming a day after the billionaire lost his position as the world's richest man to Microsoft [MSFT 16.65 -0.36 (-2.12%) ] founder Bill Gates, according to Forbes' annual list. Buffett's net worth plunged to $37 billion from $62 billion last year, the list said.

"Fitch views the company's potential earnings and capital volatility derived from its large, unhedged market exposures as inconsistent with the stability required at the 'AAA' level," the ratings agency said in its statement on Berkshire.

<more at the leap>

Berkshire Loses Top Rating on Investments, Buffett Role - Companies * US * News * Story - CNBC.com

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post #2 of 5 (permalink) Old 03-14-2009, 02:09 PM
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At least his profits and losses are genuine, unlike Bernie's.

I find some genuine irony in the fact that Bernie's last name was "MADE OFF" as in "with your money". Sort of like taking your car to a mechanic named "John Crossthread", you have to suspect something, right?
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post #3 of 5 (permalink) Old 03-14-2009, 02:52 PM
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My guess is, he is sleeping better now than in the last 15 years!

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post #4 of 5 (permalink) Old 03-14-2009, 03:38 PM
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Did you not get your taste of semen today, or is it just that time of the month for ya?

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post #5 of 5 (permalink) Old 03-14-2009, 06:47 PM Thread Starter
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Originally Posted by gregs210 View Post
At least his profits and losses are genuine, unlike Bernie's.
Main thing that has always bothered me about Buffett has been how he will take a business, acquire it, either strip it of assets and sell it or keep it and move much of the manufacturing offshore.

It is wonderful for HIS bottom line, not so good for many of the folks whose life he disrupts with that kind of business practice.

He does not do all of his businesses that way but enough that it matters. My little cuz that works in his M&A group is very forthright with how biz is handled. I am VERY proud of him for playing with the big fish, but I know he has a difficult time with the compromises involved. I doubt he will stay much longer.

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