John At The Center

Not surprisingly, Buffett had a hand in the bailouts but don’t let the mainstream media tell you that. During the height of the credit crisis, Buffett sent Hank Paulson an interesting letter which I have attached. The letter is priceless. Not only does Buffett again take potshots at hedge fund managers those bastards and their fees!, but he describes personal conversations with Bill Gross and Lloyd Blankfein about how they would all contribute to the bank bailout. Of course, Buffett was talking his book. He knew what was at stake. But it all makes me wonder – was the great Warren Buffett bailed out? Did genius nearly fail? Or has the myth of Warren’s genius failed us all? I have no idea, but what I am certain of is that the media’s misportrayal of Warren Buffett has been astounding and perhaps even damaging to the small investor.

via THE PRAGMATIC CAPITALIST » » THE MANY MYTHS OF WARREN BUFFETT.