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February 07, 2008

 

Buffet buffets Greenspan's buffeted risk pricing

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"Risk was mis priced due to euphoria" was Greenspan's adorable euphemism describing how 'banks' make - package - trade - buy and retrade and repackage crappy investments (for commissions) until their demise.
Read Warren Buffet's commentary in (Reuters) Buffett: Bank woes are "poetic justice"
http://www.reuters.com/article/newsOne/idUSN0631767220080207

Page two second paragraph "risk has been repriced" is a gut buster for me as Buffet responds to Greenspan's euphemism. "Serves them right" ain't such a bad line either.

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