From 1440 Wall Street:
Warren Buffett's name often crops up when stocks and sectors fall out of favor. The rumors are usually wishful thinking, or amateurish attempts to move stocks around. This summer the rumor mill had Buffett buying homebuilders, but it did not turn out to be true.
Last month the rumor mill had Buffet making an investment in the large bond insurers, Ambac and MBIA. But his move to start his own operation, Berkshire Hathaway Assurance, was expedited by regulators from New York and other states, and it seemed like the end of the story. But apparently rumors over a Buffett bailout won't die, and the Oracle of Omaha made an appearance on Fox Business this afternoon to clarify his position, and get in a plug for his newly formed entity:
“We could have some kind of insurance transaction with them but we will not be investing in them or any other bond insurer…We’ve got our own bond insurer…Berkshire Hathaway Assurance is already up and running in New York State and has already done a couple of deals.” Fox Biz...MORE
