In what will go down in history as a unique event, legendary investor Warren Buffet will appear before the Financial Crisis Inquiry Commission which is trying to figure out the reasons which led to the financial crisis of 2008.
Mr. Buffet has been called-not for any alleged wrongdoing but to provide his assessment on the role the credit rating industry played in the days before and during the crisis. The rating agencies are accused of falsely assigning high ratings and then downgrading them rapidly leading to a contraction in the value of subprime securities.
The commission is chaired by former California treasurer Phil Angelides. Prior to interviewing Mr. Buffet, the commission has held hours of closed door interviews with some of the biggest names in the financial world including Goldman Sachs CEO Lloyd Blankfein and Robert Rubin from Citigroup Inc.
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