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« WARREN: 'How Many Billions Have To Be Laundered For Drug Lords Before We Consider Shutting Down A Bank?' | Main | Bernanke Reads Financial Blogs »
Wednesday
Mar202013

Did Warren Buffett & Berkshire Sell A Million Shares Of Moody's Based On Inside Information?

Flashback.

The other story in the Ratigan clip is pretty sweet if you're into corruption by the rating agencies and Warren Buffett.  It seems Moody's CEO Raymond McDaniel and Uncle Warren both sold shares heavily in Moody's the same day a Wells Notice was received from the SEC.  This occurred over 2 months ago; the CEO sold 100,000 shares on the day the Wells Letter arrived and Buffett sold a total of 1 million shares that same day and in the week following.

Yet none of this was disclosed by Moody's until Friday afternoon, when they buried the very material information deep in a 10-Q.  It is very possible that Buffett was tipped by McDaniel, considering that Berkshire is Moody's largest shareholder. 

How would that be any different from the Martha Stewart case except that Uncle Warren and Berkshire saved millions while Stewart only saved herself thousands?  Granted, Stewart lied to Federal prosecutors and was punished for obstructing justice, yet the similarities are striking between the cases.

Mark Cuban was correct yesterday.

Robert Khuzami, we're watching.

 

 

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Reader Comments (20)

He is a man of generosity and charity, so YES.
May 11, 2010 at 1:22 AM | Unregistered CommenterZarathustra
Next you are gonna tell us Martha Stewart is a stock cheat.
May 11, 2010 at 1:27 AM | Unregistered CommenterZarathustra
I do not like Martha Stewart...
May 11, 2010 at 1:37 AM | Registered CommenterDailyBail
May 11, 2010 at 1:38 AM | Registered CommenterDailyBail
May 11, 2010 at 1:39 AM | Registered CommenterDailyBail
After S.E.C. Suit Warning, Traders Flee Moody’s Shares

http://www.nytimes.com/2010/05/11/business/11moodys.html?src=busln
May 11, 2010 at 1:39 AM | Registered CommenterDailyBail
What Business is Wall Street In ?

http://blogmaverick.com/2010/05/09/what-business-is-wall-street-in/

Mark Cuban
May 11, 2010 at 1:40 AM | Registered CommenterDailyBail
Max Keiser was talking about Buffett's pump and dump scam.
May 11, 2010 at 1:41 AM | Unregistered CommenterZarathustra
The Wizards Of Euroz Aren't Fooling Anyone

http://www.businessinsider.com/the-wizards-of-euroz-arent-fooling-anyone-2010-5

You'll like this one zara...

------

Keiser...In the stock market crash clip you mean...?...i haven't listened to the whole thing yet...
May 11, 2010 at 1:54 AM | Registered CommenterDailyBail
As they say, it is a small part of Buffett's holdings in Moody's but it would be a great way to hedge your bets. I think Buffett would commit this type of crime for two reasons, to protect his reputation for financial genius and because he can get away with it.
May 11, 2010 at 2:11 AM | Unregistered CommenterZarathustra
Warren Buffett is nothing but a stock peddling salesman. His best friend, Bill Gates, had to beg him to lend a little money to charity. He bought Goldman last year and went on TV to talk up his trade. He doesn't give a blank about anything but his ego. He jumps on CNBC all the time to talk about himself and talk up his trades. Berkshire Hathaway A&B will both be gone when he dies, because no one will be able to pump and dump like the old folksy Grandpa Warren.
May 11, 2010 at 2:50 AM | Unregistered CommenterBenny and the Talibanks
Funny, how the main stream media never talks about how unfaithful he was to his wife and family. That says a lot about a person's character.
May 11, 2010 at 2:52 AM | Unregistered CommenterBenny and the Talibanks
Beware the financial advice of Warren Buffet.

His behavior is very similar to that of the Nebraskan scarlet tanager, a bird characterized by its curious custom of laying its eggs in ONE place but then going off to ANOTHER where it sings and cackles to draw-away predators from the REAL nest where its eggs lie.

One smart ol' bird, Mr Buffet he is.
May 11, 2010 at 3:09 AM | Unregistered CommenterRecoverylessRecovery
DailyBail, being a vetran of Wall Street, if anyone says there is no insider info on wall street..they are 100% wrong! insiders trade on inside info all the time and none of it gets caught. Its just an everyday thing for wall street.
May 11, 2010 at 10:22 AM | Unregistered CommenterSell Short
Sadly, you are completely correct SS...but let's hope Khuzami and Schapiro at teast make an effort at investigating Buffett...
May 11, 2010 at 11:57 AM | Registered CommenterDailyBail
Benny nice post! thats in fact very true with 100% of the talking heads on TV!
May 11, 2010 at 12:47 PM | Unregistered CommenterSell Short
Sell Short...You are so right. Martha Stewart was the best example of all the insider information being passed to around. Getting and using insider information was so normal for Martha, she had trouble understanding that only fat cats like her get the insider information. I still think that she thinks that she did nothing wrong and that to make an example of her was unfair and only happened because people wanted to knock her off her pastry pedestal.
May 11, 2010 at 7:02 PM | Unregistered CommenterZarathustra
"I still think that she thinks that she did nothing wrong and that to make an example of her was unfair and only happened because people wanted to knock her off her pastry pedestal."

Jeez. The woman passed along to you the secret to her upside-down pineapple cake and you go on defending her forever in gratitude. Get a grip woman!
May 11, 2010 at 8:22 PM | Unregistered CommenterRecoveylessRecovery

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