Warren Buffet Testimony on Financial Crisis Released

Published by: Kelly Curtis on 11th Feb 2011 | View all blogs by Kelly Curtis
Warren Buffet Testimony on Financial Crisis Released

Among the audio files released Friday by the Financial Crisis Inquiry Commission (FCIC) was a May 26th interview with Warren Buffet, the billionaire chairman of Berkshire Hathaway.  In his interview, Buffet commented that US taxpayers would always be liable for failures at the nation's largest companies.  “You will always have institutions that are too big to fail, and sometimes they will fail,” the 80-year-old executive said.  “We still have them now. We’ll have them after your commission report.”

The FCIC was formed after the 2008 collapse of the US financial system to determine the causes behind it.  The panel interviewed hundreds of financial leader, regulators, and others in its quest to find ways to avoid similar crises in the future.  The Dodd-Frank financial reform act, passed in July, was the Obama administration's first attempt at revising the system that led to the recession.

Buffet, who invested more than $5 billion into Goldman Sachs group at the height of the crisis, said he was betting on the success of federal intervention.  He told the panel that he expected the government to step in to provide liquidity to the market as needed.

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