I've been watching/listening to Warren Buffett on CNBC this morning. It's pretty sickening to watch the network's anchors venerate Buffett and treat him with kid gloves, while he does his grandfatherly chortling act.
Nauseating. It's just nauseating and disgusting what major business media lets this guy get away with.
This weekend, of course, was the Berkshire Hathaway annual meeting. As usual, CNBC and the Wall Street Journal covered it as the carnival it has become, with Buffett as the center of all adulation and worship.
This morning, in one of her annual personal interviews with Buffett, Becky Quick managed to at least ask Buffett if backing Goldman, as he so strongly has, is not "talking his book?"
In response, Warren employed his now-famous 'as shucks' guffaw, and only said, to paraphrase,
'I'm answering because you asked me a question.'
In effect, actually ducking the key question.
Quick, of course, declined to pursue with a tougher follow up, and let Warren skate away looking magisterial as well as simple.
The truth is, of course, that Buffett was talking his book.
The Wall Street Journal article discussing Buffett's sudden interest in derivatives regulation and defense of Goldman only noted that "to an extent" Buffett could be expected to protect his investment.
My God!
Can't even the Journal just come out and say Buffett is stumping for his investments by backing Goldman Sachs and Lloyd Blankfein to the hilt? After all, if I'm not mistaken, Buffett got warrants along with a nice coupon rate on that big loan to Goldman.
When CNBC's Joe Kernen asked Buffett if the Senate crucifixion of Goldman Sachs' personnel this past week wasn't over the top, Buffett let loose with "the chuckle," then went on to 'aw shucks they're only bein' Senators, by gum' it past any serious remarks about the unseemly spectacle.
Why?
Well, that FINREG bill isn't finished yet. Buffett isn't about to enrage all those powerful Democratic Senators who could cost Berkshire so much money in constantly-marked-to-market derivatives. So Buffett is staying the hell away from any criticism of Congress. Or the administration, for that matter.
Then there was Buffett's defense, both in the Journal and on CNBC, again, this morning, of the Moodys and S&P ratings agencies. A blind man could see these firms were atrociously derelict in the execution of their Congressionally-granted franchise. Possibly even fraudulent, as they rated some mortgage-backed issues AAA way too early, in light of subsequent performance.
Why Buffett is defending these firms is harder to understand. Perhaps it's because he is worried that, if the ratings agencies are seriously impacted by regulation changes, a lot else in Buffett's world could change- and for the worse.
Honestly, it's sickening to see all the major business media treat Buffett like this. They all want access and advertising, so nobody will call Buffett on his double standards, special treatment, use of the country boy image to deflect hard, meaningful, potentially damaging questions.
Isn't anyone ever going to expose this guy for gaming the system while getting away with actions which would get others hauled before Congress?
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