#1 UHNW Buffett blames CEOs complex, unregulated & out-of-control fnancial instrumnts 4 US recession.

May 27, 2008

77-yr-old Warren Buffet, #1 UHNW in world (richer than Bill Gates), CEO of Berkshire Hathaway holding company and #1 UHNW in world, (more than Gates) in German magazine Der Spiegel (2008-05-26): Blame financial institutions’ complex, unregulated, uncontrollable financial instruments for the US 2008 recession: from subprime markets to mortgage meltdown to credit crisis to US recession. Did these packaged instruments surrounded by obfuscating language actually confuse CEO’s, financial advisers, accountants, financial managers as they claim or was it more as Upton Sinclair suggested a century ago, “It is difficult to get a man to understand something when his salary depends on his not understanding it.”

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