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Buffett, who is personally worth at least $45 billion, told the government panel charged with investigating the causes of the financial crisis that its work would not prevent the phenomenon of "too big to fail." "You will always have institutions that are too big to fail, and sometimes they will fail," Buffett told the Financial Crisis Inquiry Commission in May, according to Bloomberg. His recorded comments were released Thursday by the FCIC, Bloomberg notes. (You can read the full set of FCIC documents here.)
Free and open markets are the foundation of a vibrant economy. Aggressive competition among sellers in an open marketplace gives consumers — both individuals and businesses — the benefits of lower prices, higher quality products and services, more choices, and greater innovation. The FTC's competition mission is to enforce the rules of the competitive marketplace — the antitrust laws. These laws promote vigorous competition and protect consumers from anticompetitive mergers and business practices. The FTC's Bureau of Competition, working in tandem with the Bureau of Economics, enforces the antitrust laws for the benefit of consumers.
"What we've seen so far is not going to eliminate the problem of systemic risk, because it's a very difficult problem. It involves the nature of the banking system, which is inherently vulnerable," Shiller said. "It's vulnerable to runs and collapses, just like steam engines are vulnerable."
Buffett, for his part, made a successful bet that the government would bail out the financial sector. His firm injected $5 billion into Goldman Sachs during the worst of the crisis, as part of a highly lucrative deal. Buffett's preferred stock earns a 10 percent dividend annually.
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Originally posted by 9Cib27
"Too Failed to be Big" is a tee shirt slogan waiting to happen
Although I recommend that you copyright it before it's on the back of Ron Paul's shirts.