Did Warren Buffett hang up on Lehman phone call?

[Dover]

So where is Buffet investing/storing his assets during this volatile period?



Did Warren Buffett hang up on Lehman phone call

September 16, 2008 18:56 IST

Failed American investment bank Lehman Brothers, voted the best in the business many times, is rumoured to have made a distress call to Warren Buffett to rescue it, but the legendary investor politely hung up as he did not see good returns.

Days before filing for bankruptcy protection from its creditors to whom it owes over $600 billion, Lehman Brothers wrote to Buffett for help, according to a mail currently doing the rounds on the Internet through blogs and forwarded e-mails.

Buffett, the world's richest person with over $60 billion of net worth, is said to have replied: "Thank you for your recent letter for my company to invest some funds into Lehman Brothers. . . Unfortunately, I do not see good return on my money if I invest into your company."

Although its authenticity is yet to be proven, the mail has Lehman CEO Richard Fuld's name as the sender, while the reply carries the name of Buffett.

"Lehman's books are bleeding. The stock is a falling knife. You are peddling your crown jewel, cash cow, money management division at the wrong time to get market value," Buffett's reply says further.

Cont'd

http://inhome.rediff.com/money/2008/sep/16bcrisis6.htm

[Cleita]

1. I don't know about Warren but my mattress is looking good to me at this time. n/t

[Dover]

2. Well, I'm wondering if feathers might have more value

when everything finally shakes out.

[ben_meyers]

3. Buffett's core business is insurance

I doubt that he would have been interested in Lehman or any other investment bank. He's smarter than that and is probably waiting to scoop up AIG at a bargain basement price.

You don't get that rich by straying to far from your expertise.

check out his stock price today.

http://finance.yahoo.com/q?s=brka

[Dover]

4. The Warren Buffett Investment Principles

http://www.wealthdaily.com/articles/warren+buffett-investment-principles/1156
http://www.buffettsecrets.com/techniques.htm


Warren Buffet's Secret
http://www.buffettsecrets.com/


Berkshire Hathaway Holdings
http://www.buffettsecrets.com/berkshire-hathaway-holdings.htm

[gravity]

5. Ha, it doesn't suprise me

If Lehman would have been a good buy for Warren Buffet, they wouldn't have had gotten in the mess in the first place.