17
Nov

Read Warren E. Buffett’s Letter to Uncle Sam

Written on November 17, 2010 by Ángeles Figueroa-Alcorta in Americas, News, Political Economy

Pretty Good for Government Work

 

Warren E. Buffett is the chief executive of Berkshire Hathaway, a diversified holding company.

Dear Uncle Sam,

My mother told me to send thank-you notes promptly. I’ve been remiss.

Let me remind you why I’m writing. Just over two years ago, in September 2008, our country faced an economic meltdown. Fannie Mae and Freddie Mac, the pillars that supported our mortgage system, had been forced into conservatorship. Several of our largest commercial banks were teetering. One of Wall Street’s giant investment banks had gone bankrupt, and the remaining three were poised to follow. A.I.G., the world’s most famous insurer, was at death’s door.

Many of our largest industrial companies, dependent on commercial paper financing that had disappeared, were weeks away from exhausting their cash resources. Indeed, all of corporate America’s dominoes were lined up, ready to topple at lightning speed. My own company, Berkshire Hathaway, might have been the last to fall, but that distinction provided little solace. Read More…

As published in www.nytimes.com

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