From the wires:
Billionaire investor Warren Buffett on Wednesday defended credit rating agencies that gave overly positive grades to mortgage-related investments before the housing bust. He said the agencies were among many who missed warnings signs of the crisis. “They made the wrong call,” Buffett acknowledged. But he said he counted himself among those who failed to foresee the collapse of the housing bubble. Buffett called it the “greatest bubble” he had ever seen. “The entire American public was caught up in a belief that housing prices could not fall dramatically,” Buffett told a congressionally chartered panel investigating the financial crisis. Had he known how bad it would get, Buffett said he would have sold his company’s stake in rating agency Moody’s Corp.
Buffett was the same as Joe Q. Public? Just caught up in a bubble with no extra insights into anything? Not buying it. That last sentence (bolded) coming long after the chaos? Not buying it. Much more to the story…that we will probably never know. Of course, Buffett’s BRKA is/was Moody’s largest shareholder.