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marketmaven

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marketmaven

Re: maokin post# 643783

Tuesday, 02/02/2010 11:20:54 AM

Tuesday, February 02, 2010 11:20:54 AM

Post# of 704019
'Opponents of Volcker Rule Misguided'-Buffet

"One of the lessons that investors seem to have to learn over and over again, and will again in the future, is that not only can you not turn a toad into a prince by kissing it, but you cannot turn a toad into a prince by repackaging it. But very imaginative people in the securities market try to do that. If you have bad mortgages they do not come better by repackaging them. To some extent the chickens are coming home to roost for the mortgage originators and securitisers."

Warren Buffett, Financial Times, October 26, 2007
Hat Tip to Prudent Bear
http://boards.prudentbear.com/
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