Did you know that Berkshire Hathaway Inc. and Mr. Buffett were approached as a possible white knight for Bear Stearns? Neither did I. Apparently Berkshire turned-down the offer because they didn't have enough capital or enough time to properly evaluate the situation. When you consider that Mr. Buffett is just about to leave on a European buying with about $35 billion in spare change.
In what has now become known as Woodstock for Capitalists, Mr. Buffett and his Berkshire investing partner, Charlie Munger, chastised Wall Street and financial institutions in general for letting the financial system slip into this kind of disarray. Mr. Buffett has said before that he doesn't trust the financial statements of most financial institutions and he said it again: banks can get away with too many big secrets for too long.
I, for one, will certainly be keeping an ear open to hear about what comes from Mr. Buffett's Eurotrip. I'll be sure to keep you all in the loop.
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