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| User Info | From One Pigman To Another....; entered at 2010-05-01 18:07:37 | |||
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Genesis Posts: 130807 Registered: 2007-06-26 
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I understand your point Ayn but I entirely disagree. Congress has the right to regulate the securities markets - and these ARE securities. Having chosen to issue securities, Buffet is given no guarantee that the regulations thereof will remain consistent over the period of time he contemplates. Congress has apparently found (correctly, I might add) that the abuse of the privilege of issuing securities has led to ridiculous levels of systemic risk. This is not just theoretical risk either - it is realized risk, in that they were literally threatened by the same dealers if they did not pony up three quarters of a trillion dollars. What Buffet is engaged in is a regulated activity and in fact the counterparties (insurance companies) are regulated firms. He knew this when he entered into the agreement and had no reasonable expectation (say much less a legal right to rely on) a lack of changes in those regulations over a period of performance. 2010-05-01 18:07:37
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