Wednesday, June 24, 2009

Buffett on CNBC

CNBC interviewed Warren Buffett today. He gave Ben Bernanke a strong endorsement. There has been much speculation lately about whether or not Mr. Bernanke should be reappointed as Fed chairman. President Obama was asked that question yesterday in a press conference and he merely said Bernanke was doing a "fine" job.

Obama's lukewarm endorsement has many wondering if he would rather appoint Larry Summers to the position. The biggest risk to Bernanke is the allegation that he somehow coerced Ken Lewis of Bank of America to go through with the Merrill Lynch acquisition despite concerns about Merrill's health. What worse, Bernanke has been accused of keeping Lewis from disclosing his concerns to his shareholders.

I commented on this and other issues on CNBC immediately after Buffett's interview. Click to watch: CNBC