Spanking Buffett

Last weekend at the Berkshire Hathaway annual meeting, Goldman Sachs preferred stock investor Warren Buffet made a big deal about supporting Goldman Chairman and CEO Lloyd Blankfein under fire (“Thumbing Down on Blankfein“). By Thursday, the WSJ headlines reported that “SEC Examines Berkshire Disclosures” regarding Berkshire Hathaway’s takeover of Burlington Northern.

This means if Warren keeps saying nice things about Lloyd, he will next get a headline that the Department of Justice anti-trust and commercial litigation divisions are looking into allegations regarding the Burlington transaction or some additional aspect of Berkshire Hathaway’s business.

Warren has a big brand. However, my money is on the Office of Naval Intelligence. It is very frustrating to be responsible for control of the global sea lanes and satellite systems when your financing depends on people and financial markets that lack adult supervision.

Warren Buffett eats ice cream during
the Berkshire Hathaway annual meeting.

Photograph: Carlos Barria/Reuters

Related reading:

Goldman Investors Back Blankfein, Reject Split Role
Bloomberg Businessweek (7 May 10)

Warren Buffett ‘100%’ Behind Goldman Sachs’ Chief Lloyd Blankfein (2 May 10)