Buffett says Goldman Sachs not at fault for clients’ losses
Berkshire Hathaway chairman Warren Buffett said Goldman Sachs Group shouldn’t be blamed for losses suffered by clients who invested in mortgage bets at the center of a fraud suit filed by regulators against the bank. Buffett said he stands behind the bank, which was sued last month by the US Securities and Exchange Commission for misleading clients who made wagers on home loans. The regulator said that firms including ABN Amro Bank NV weren’t told when they bet on collateralized debt obligations from Goldman Sachs that the hedge fund led by John Paulson picked mortgages in the investment and was betting on them to fail. “I can’t see what difference it makes if it were Paulson on the other side of the deal or Goldman Sachs or Berkshire Hathaway,” Buffett said this weekend at his company’s annual meeting in Omaha, Nebraska.