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Tuesday, February 12, 2008

Warren Buffett Talks Municipal Bonds

In effort to keep Aventura, Florida residents up to date with business news and important headlines, I posted today's news about Warren Buffett as reported on ChicgacoTribune.com

Billionaire investor Warren Buffett said Tuesday that he has offered to help out troubled bond insurers by offering a second level of insurance on up to $800 billion in municipal bonds.

In an interview on CNBC, Buffett said his Berkshire Hathaway holding company made the offer of reinsurance to bond insurers Ambac Financial Group Inc., MBIA Inc. and Financial Guaranty Insurance Co. Buffett said one firm rejected his offer, and he was still waiting to hear from the other two. He did not say which was which.

Many have speculated Buffett could step in and help out the troubled industry, though he made clear his offer was not altruistic.

"When I go to St. Peter I will not present this as some act that will entitle me to get in," Buffett said on CNBC. "We're doing this to make money."

Click link to read full article - Warren Buffett Municipal Bonds

Here are a few good YouTube videos about this subject.

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