Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
3Activity
0 of .
Results for:
No results containing your search query
P. 1
Warren Buffett Goldman & GE Bailout Interviews on CNBC, September & October, 2008

Warren Buffett Goldman & GE Bailout Interviews on CNBC, September & October, 2008

Ratings: (0)|Views: 192 |Likes:
Published by CNBC
Warren Buffett did three live interviews with CNBC’s Becky Quick in late September and early October. The first followed his $5 billion investment in Goldman Sachs. The second, one week later, came minutes after his investment in General Electric was announced. Two days after that, Buffett reacted to the vote in the House of Representatives approving the government’s $700 billion financial stabilization plan. This document includes the complete transcripts of all three conversations.
Warren Buffett did three live interviews with CNBC’s Becky Quick in late September and early October. The first followed his $5 billion investment in Goldman Sachs. The second, one week later, came minutes after his investment in General Electric was announced. Two days after that, Buffett reacted to the vote in the House of Representatives approving the government’s $700 billion financial stabilization plan. This document includes the complete transcripts of all three conversations.

More info:

Published by: CNBC on Jul 26, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/23/2013

pdf

text

original

 
 
Warren Buffett did three live interviews with CNBC’sBecky Quick in late September and early October.The first followed his $5 billion investment in GoldmanSachs.The second, one week later, came minutes after hisinvestment in General Electric was announced.(General Electric is the parent company of CNBC.)Two days after that, Buffett reacted to the vote in theHouse of Representatives approving the government’s$700 billion financial stabilization plan.This document includes the complete transcripts of allthree conversations.Goldman Sachs InvestmentCNBC’s Squawk BoxWednesday, September 24, 2008
BECKY QUICK
: We know you get all kinds of deals, all kinds of people who come knocking asking you to jump in. You've said no toeverything to this point. Why is this the right deal at the right time?
WARREN BUFFETT
: Well, I can't tell you it's exactly the right time.I don't try to time things, but I do try to price things. And I've got aformula that says bet on brains, and bet of them when it's the righttype of deal. And in this case, there's no better firm on Wall Street.We've done business with them for years, with Goldman, and the price
Warren Buffett CNBC Interview TranscriptsSeptember 23 – October 3, 2008Page 1 of 37
 
 
 
was right, the terms were right, the people were right. I decided towrite a check.
BECKY
: Does the backdrop of the Federal government potentiallygetting involved with a massive bailout plan for Wall Street, does thathave anything to do with this deal?
BUFFETT
: Well, I would say this. If I didn't think the governmentwas going to act, I would not be doing anything this week. I might betrying to undo things this week. I am, to some extent, betting on thefact that the government will do the rational thing here and actpromptly. It would be a mistake to be buying anything now if thegovernment was going to walk away from the Paulson proposal.
BECKY
: Why would that be a mistake? Because the institutionswould collapse, or because you could get a better price?
BUFFETT
: Well, there's just no telling what would happen. Last weekwe were at the brink of something that would have made anythingthat's happened in financial history look pale. We were very, veryclose to a system that was totally dysfunctional and would have notonly gummed up the financial markets, but gummed up the economyin a way that would take us years and years to repair. We've gotenough problems to deal with anyway. I'm not saying the Paulsonplan eliminates those problems. But it was absolutely, and isabsolutely necessary, in my view, to really avoid going over theprecipice.
Warren Buffett CNBC Interview TranscriptsSeptember 23 – October 3, 2008Page 2 of 37
 
 
 
CARL QUINTANILLA
: Warren, we can almost hear you measuringyour words as you speak, because what we're talking about has suchgravity. There are people out there who either don't, or are unwilling,to acknowledge what exactly, how serious the situation was lastweek. And I'm hearing you say is that, was it the most frighteningexperience you've had in your lifetime, in terms of evaluating wherethis economy stands?
BUFFETT
: Yeah, well, both the economy and the financial markets,but there're so intertwined that what happens, they're joined at thehip. And it doesn't pay to get into horror stories in terms of naminginstitutions or anything. But I will tell you that the market could nothave, in my view, could not have taken another week like what wasdeveloping last week. And setting forth the Paulson plan, it was thelast thing, I think, that Hank Paulson wanted to do. there's no Plan Bfor this.
BECKY
: Warren, you mentioned that Wall Street could not have takenanother week like that. But what does that mean to the Americantaxpayer who's sitting at home saying, 'Why is this my problem?'
BUFFETT
: Yeah, well, it's everybody's problem. Unfortunately, theeconomy is a little like a bathtub. You can't have cold water in thefront and hot water in the back. And what was happening on WallStreet was going to immerse that bathtub very, very quickly in termsof business. Look, right now business is having trouble throughout theeconomy. But a collapse of the kind of institutions that were
Warren Buffett CNBC Interview TranscriptsSeptember 23 – October 3, 2008Page 3 of 37
 

Activity (3)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
nabs liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->