Monday, March 3, 2008

Warren Buffett comments on nudity or: gallivanting financial institutions ruin a day at the beach

via the Old Man (who probably does not want his name on this website although it might take a rewrite of the will to keep the best stories off the presses)

In comments on his profitable year, Warren Buffett earns my prestigious BSI award for funniest statement concerning the US housing market this week:

Buffett ladled blame on lenders who weakened their underwriting standards in the false belief that housing prices would go up and keep going up. "Today, our country is experiencing widespread pain because of that erroneous belief," Buffett wrote. "As house prices fall, a huge amount of financial folly is being exposed. You only learn who has been swimming naked when the tide goes out -- and what we are witnessing at some of our largest financial institutions is an ugly sight."- Reuter's

Can't you just picture all of those naked financial institutions out in the ocean somewhere off the Jersey shore (maybe Rehoboth Beach, it's a very financial institution friendly place), their faces flush with embarrassment as they frantically try to cover their financial private parts while multinationals cover the eyes of their smaller holdings who stopped building shell corporations in the Caymans out of sand to see why all the stock brokers started screaming like six year old girls? What a glorious sight.

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