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Warren Buffett believes that there was nothing illegal about Goldman’s actions when handling Abacus. He believes that if due diligence was really done, there would be no reason for this investigation or frivolous lawsuits because you would never have invested in the fund. Many investors support Buffett’s thinking not only because it makes sense, but mainly because they don’t care and aren’t affected. (more…)
Earlier today, the stock market dived 200 points due to concerns about Obama’s fight with the banks. For the last year, we’ve been hearing threats of reform and regulation coming to the financial sector. I guess the investors and bank executives didn’t care about the threats because the stock price continued to rise and as well the bonuses for the big wigs. I guess it’s time to put up or shut up for the president and he surely showed his power today when he said in public “if these folks want a fight, it’s a fight I’m ready to have.” (more…)
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