Berkshire Hathaway is selling more shares of Moody’s. It is clear that rating agencies are the next scapegoat for the financial crisis en Warren wants to get out before Congress is declaring these institutions toast.
A judge decided yesterday that these agencies have no place to hide.
(LA Times, 3/9/09): Credit-rating firms’ shares plunge on subprime-related court rulingInvestors who believe that major credit-rating firms should be held responsible for their disastrously optimistic ratings of subprime-mortgage bonds have won at least an interim victory.U.S. District Judge Shira Scheindlin in New York ruled late Wednesday that Moody’s Investors Service and Standard & Poor’s can’t invoke the 1st Amendment to hide from subprime-related legal challenges.The decision triggered heavy selling of shares of Moody’s parent Moody’s Corp. and S&P parent McGraw-Hill Cos. on Thursday. Moody’s slid $1.84, or 7%, to $24.26. McGraw-Hill’s shares tumbled $3.30, or 10.2%, to $29.01.
No panic, Warren is still sitting on a nice profit because his average purchase price I 10.40 USD.
We’re not there.
Yet.
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A judge decided yesterday that these agencies have no place to hide.
(LA Times, 3/9/09): Credit-rating firms’ shares plunge on subprime-related court rulingInvestors who believe that major credit-rating firms should be held responsible for their disastrously optimistic ratings of subprime-mortgage bonds have won at least an interim victory.U.S. District Judge Shira Scheindlin in New York ruled late Wednesday that Moody’s Investors Service and Standard & Poor’s can’t invoke the 1st Amendment to hide from subprime-related legal challenges.The decision triggered heavy selling of shares of Moody’s parent Moody’s Corp. and S&P parent McGraw-Hill Cos. on Thursday. Moody’s slid $1.84, or 7%, to $24.26. McGraw-Hill’s shares tumbled $3.30, or 10.2%, to $29.01.
No panic, Warren is still sitting on a nice profit because his average purchase price I 10.40 USD.
We’re not there.
Yet.
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