Bloomberg: Buffett asked to insure Lehman - Spear's Magazine

Bloomberg: Buffett asked to insure Lehman

Sept. 15 (Bloomberg) — Billionaire Warren Buffett said he was approached a year ago about insuring Lehman Brothers Holdings Inc.’s assets before the investment bank filed for bankruptcy, and didn’t receive financial documents he requested.

Sept. 15 (Bloomberg) — Billionaire Warren Buffett said he was approached a year ago about insuring Lehman Brothers Holdings Inc.’s assets before the investment bank filed for bankruptcy, and didn’t receive financial documents he requested.

Buffett was asked about backing Lehman while Barclays Plc weighed a bid for the firm, he said today at a conference in Carlsbad, California. He didn’t receive the information that he requested be sent to him by facsimile and later learned that there was a voice mail that he missed because he didn’t know how to retrieve it, Buffett said. New York-based Lehman filed for bankruptcy a year ago.

Buffett made the comments at the conference sponsored by Fortune magazine as he discussed unsuccessful efforts last year by money-losing firms to get financial support from his Berkshire Hathaway Inc. American International Group Inc., the insurer that got a U.S. bailout the day after Lehman’s failure, also sought a lifeline from Buffett, he said.

“Don’t waste your time on me,” Buffett said he told Robert Willumstad, then the chief executive officer of AIG, after reviewing the insurer’s finances.

To read the full story, visit bloomberg.com



 

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