What Has Happened To Buffet…….?

Sometimes it´s sad to see what has happened to former legends……The following quote is related to Wells Fargo….The same Wells Frago that without taxpayer bailouts ( $ 25 Billion Tarp, FDIC backed bonds, PPIP ), accounting changes ( mark to market ), changing of the taxcode after the Wachovia deal, a different attitude from government on banks ( "no more Lehman´s, too big to fail, no nationalisation" ) etc would have already been gone…… UPDATE: Let Warren Buffett Buy Wells Fargo from Mish.

Buffett says Wells Fargo to ride out credit crisis Reuters

Buffett said at Berkshire’s annual meeting. Noting that Wells Fargo shares fell below $9 (6 pounds) each this year — they bottomed at $7.80 on March 5 — he added that at that lowered price, "If I had put all my net worth in one stock, that would be the stock."

Buffett attacks bank tests Reuters

Buffett said Wells Fargo ($ 20 ), U.S. Bancorp ( $18 ), and a third Berkshire holding, M&T Bank Corp ( $ 50 ), do not need more equity capital, and "we would buy stock in any of the three banks at present prices."

With the promise to pay back TARP ( see this "rant" via Naked Capitalism , only possible with a massive capital hike ) i think he will soon have a very good chance to show his confidence…..

I highly recommend to read What They Want to Know: Our Top Ten List for Warren Buffett from Jeff Matthews ( a real Buffet expert and still a fan ). Looks like i´m not the only one wondering what has changed in his investment style and his investment ethics…..

Buffett, in his most recent letter to shareholders in February, said he supported the U.S. government actions, while predicting bailouts will cause “unwelcome aftereffects” including inflation.

Speaking of ethics & douple standards……

Das meinte ich mit dem moralischen Kompass und Doppelmoral……..