Buffett raps Wall Street in latest letter

Warren Buffet's latest letter to shareholders is heavy with criticism of Wall Street. The Sage of Omaha once derided derivatives as financial weapons of mass destruction. The Financial Times notes he now seems to feel vindicated. He borrowed a quote from Wells Fargo CEO John Stumpf about Wall Street inventing "new ways to lose money when the old ways seemed to work just fine."  He also had some choice words for the private equity industry. In some ways, these guys have made life tougher for would-be acquirers such as Berkshire Hathaway. Buffett wrote that with Berkshire, "a deal is a deal." Ouch!  

For more:
- here's the Financial Times article
- here's the opening of the letter from Warren Buffett to his shareholders

Read more on: Warren Buffet | Wells Fargo | private equity