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Buffett voices support for Goldman

Associated Press / May 3, 2010

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OMAHA, Nebraska — Billionaire Warren Buffett said he has studied the civil fraud charges against investment bank Goldman Sachs and has no problem with the transaction involved.

Buffett, who is Berkshire Hathaway’s chief executive, said yesterday that he thinks he understands the allegations against Goldman better than most people, and he does not believe the Abacus deal at the center of the case constitutes fraud.

Buffett, who invested $5 billion in the bank in 2008, has been one of Goldman’s biggest supporters. He said ACA, the bond insurer involved in the Abacus deal, was responsible for assessing the risks, and it should not matter another investor was betting against ACA’s interests.