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LOL. In DEAR MR. BUFFETT, Tavakoli says: "I had joined Salomon Brothers' summer 1985 training class lampooned by my classmate Michael Lewis in his book, Liars Poker." http://www.amazon.com/Dear-Mr-Buffett-Investor-Learns/dp/047040678X/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1238003153&sr=8-1

Another curious fact is that Tavakoli and Lewis were both in the Liar's Poker training class together at Salomon. She mentions that in her Buffett book. They know each other.

That's my point. Tavakoli already provided the information in her books (I read them). Both the structured finance book and her book with Buffett in the title (gives more detail of dodgy transactions). The Fortune article she links to shows a deal that she says securities professionals knew...

Securities laws require underwriters to disclose, so they don't get off the hook that easily and Paulson would have known that. Sure AIG is on the hook for their own behavior. But Goldman took taxpayer dollars and was the benficiary (via collateral) of the taxpayer bailout of AIG. Since they...

The point Tavakoli makes is that Goldman knew or should have known that Goldman Sachs Alternative Mortgage Products sold products where the risk was misstated. While AIG is sophisticated (and cannot use that argument to get compensation), it does not excuse Goldman's actions nor does it absolve...

Preaching to the choir. It seems she was on to it and spoke out about it in public in August 2007 (to the WSJ).

I found the follow-up story from Tavakoli's web site: http://www.tavakolistructuredfinance.com/TSF21.html Did AIG Insure Dodgy Mortgage Products for Goldman Sachs? TSF - March 53, 2009 (Click above for file as pdf) by Janet Tavakoli In the video below, Janet Tavakoli, president of...

That may be one of Tavakoli's future articles. Seems she did a new one on her web site what we needed to ask Goldman about its trades with AIG, and I will find it/post it when I have a chance.

http://www.tavakolistructuredfinance.com/Reporting%20v%20PR_Meredith%20Whitney%20and%20AIG%20March%2023%202009.pdf Interesting post on Tavakoli's web site. Whitney's Citi call was late behind three other prominent analysts on Oct. 31, 2007. She knew Jim Rogers was short Citi in 2007 while...

Thanks and a bit ironic. I am new to ET. Great name, but not what I had hoped. I decided to give it a last shot today, but this is my last post. I don't have that much spare time, so in future I'll be posting comments on Seeking Alpha. Best Wishes

Since Berkshire Hathaway is credit-worthy, it negotiated almost all of its contracts so that it does not have to post collateral if the mark-to-market goes against it. Since it has a strong balance sheet and is "good for it" when the time comes, it is a completely legitimate transaction...

I wish I could take the credit, but a week ago I would not have been able to make my previous post. I lifted that last paragraph from Tavakoli's book: "Dear Mr. Buffett" p. 156. She explained it on Bloomberg Television the week Bear Stearns collapsed...

If you didn't think it mattered, why did you use this incorrect information to support your "case?" It seems you cannot be bothered to do the slightest bit of investigation into the facts, but wish and hope you can talk something down. But on the topic of it not mattering what people...

I meant this post; it wasn't your first. But if you want to manage your finances by relying on bloggers who cannot be bothered to read financials and just make stuff up, it is a free country.

Your first post was based on incorrect information from Andrew Horowitz who had no idea that Berkshire Hathaway does not have to post collateral under any circumstances for all but a handful of its derivatives contracts.

Global depressions hurt everybody, but look at the balance sheet. It is strong, but more than that, it is poised to come roaring out of the gates when the economy turns around, and that is not necessarily true of other formerly strong looking companies.

Berkshire Hathaway is in a lot better shape than you think, although no one is happy that the economy is getting the stuffing knocked out of it, so it affects every company. Berkshire does not have to post collateral (no margin calls) under any circumstances (including a downgrade--but to...

Sounds as if you are the one who is scared to death. The fact of the matter is that the entire economy is getting the stuffing kicked out of it, and even sound businesses are constantly reassessing their position. As a matter of fact, however, BRKA does have a lot of capital, and you can...

http://www.berkshirehathaway.com/letters/2008ltr.pdf See Pp. 18-22. Berkshire Hathaway does mark-to-market. That is why operating earnings were relatively decent, but net income was down. That did not imply an interenal reduced cash position, however, because Berkshire Hathaway does not...

If the counterparty were a former investment bank named, say, SilverGuy Socks, it might notice that although it had an accounting gain, it didn't have cash to show for it, because it was not due any collateral. It might ask its AAA rated counterparty if it would consider investing in, oh let's...