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?

Related posts:

  1. Warren Buffett Asks to be on Do Not Call List
  2. Eddie Lampert as the Next Warren Buffett
  3. Parsing Warren Buffett
  4. Warren Buffett & Why Bridge isn’t Poker
  5. The Half-Told Story of Warren Buffett