Warren Buffet's Company Triples Earnings in Third Quarter

Photo of Warren Buffett addressing students at

Kanas University from Wikipedia

As reported in a front cover story in the Financial Times of Saturday, November 7, 2009, Buffet's Hathaway reported earnings of over 3 billion dollars.

The conservative Mr. Buffet had once characterized derivatives as 'financial weapons of mass destruction.'

Yet his group earned over $1.1 billion by windfall appreciation of credit default swaps of which Hathaway has a portfolio of over $30 Billion. The CDSs rose in value as rising markets reduced the likelihood that the company would have to pay out on the insurance-like instruments.'

So much for the pot calling the kettle black...