Daily Speculations

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Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.

 

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4/11/2005
Spitzer on Buffett

Eliot genuflects -- on national TV -- before the owner of the Buffalo Evening News.

 

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Buffett May Shed Light on AIG Transactions, Spitzer Tells ABC
2005-04-10 12:52 (New York)

By Catherine Larkin
     April 10 (Bloomberg) -- Billionaire investor Warren Buffett
may be able to shed light on transactions involving the former
chief executive of American International Group Inc., New York
Attorney General Eliot Spitzer said today.
     Spitzer and federal officials plan to question Buffett
tomorrow about financial transactions between his Berkshire
Hathaway Inc.'s General Reinsurance Corp. and AIG, which ousted
Chief Executive Maurice ``Hank'' Greenberg after almost four
decades amid accounting investigations.
     Buffett ``is not a subject or a target of our
investigation,'' Spitzer said on ABC's ``This Week'' program.
``He is a witness. We believe he can shed light on a series of
transactions'' that Greenberg participated in. ``The focus is AIG
and Mr. Greenberg, not Warren Buffett,'' Spitzer said.
     General Re brought ``powerful and substantial'' evidence
about AIG to the attention of regulators, said Spitzer, who has
been conducting a yearlong investigation into the insurance
industry.
     Spitzer said he hopes the new leadership at AIG will work
with regulators to settle the case without going to court.
     ``We are not overreaching, we are enforcing the law, and 99
percent of businesses out there benefits from this,'' he said on
ABC.
     Buffett ``has succeeded the right way,'' Spitzer said. ``He
stands for smart, long-term investing, transparency,
accountability, all those things we value and support.''