Warren Buffett

Warren Buffett Denied by the Senate, GOP Stopped Current Bill

Update: The GOP managed to stop the current bill by a vote of 57. Back to "negotiations" it goes. "Democratic" Ben Nelson voted with the GOP.

Did you know Warren Derivatives are Weapons of Mass Destruction Buffett was lobbying Congress to exempt existing derivatives contracts from collateral requirements? Did you know that Brookshire Hathaway, Buffett's company, has a $63 billion derivatives portfolio?

Well, this is a first. Warren Buffett's lobbyists were denied a derivatives provision in the Senate bill, according to The Wall Street Journal.

Warren Buffett - Recession worse than Feared

Warren Buffet on the economy

"This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow.

"I think consumers are feeling gas and food prices," he added, "and not feeling they've got a lot of money for other things.