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January 17, 2008
Quote du Jour: Warren Buffett on Unwinding
The financial quote du jour goes to Warren Buffett. Here he is on the growing problems among mortgage insurers trying to unwind their complex swaps and contracts:
"We lost over $400 million on contracts [at General Re in 2002-2006] that were supposedly" safe and properly priced, "and we did it in a leisurely way in a benign market," Mr. Buffett says. "If we had to unwind it in one month, who knows what would have happened?"
Bets on whether we're about to find out?
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