Preston. I can assure you, no one understands the situation better than J Powell. Now stop asking these questions
Discussion
Few know that Jay Powell was the guy that allowed Solomon Brothers to not fail and who Buffett was negotiating with. It’s funny because at the BRK meeting they always show Buffett as the champion of character to save the bank when J-Pow simply decided to let it live…like flipping a coin. It’s no surprise he like J-Pow and says such favorable things about him…
Wow I had no idea thats how that went down... Thanks for the response.
For my first few years of investing Buffett was my ultimate hero. Not only a genius, but also had solid character. Quotes like this on Solomon are so good - “Lose money for the firm, and I will be understanding; lose a shred of reputation for the firm, and I will be ruthless.”
But as time goes on I start to wonder how true his character is after seeing him encourage govt bailout after bailout. Praising the printing of money to fix bad decision making. Picking winners and losers is unfair and immoral - and is a sure way to make an even more catastrophic event when the crisis is delayed.