Warren Buffett Proclaims Credit Crisis Over For Wall Street

Investment guru Warren Buffett (the man in red shirt at the top left shown in the picture with Bill Gates, the man in black and a group of sexy Hooters girls), world’s richest man and chief executive officer of Berkshire Hathaway, says the worst of the global credit crunch is over for Wall Street and the Federal Reserve probably averted more failures by helping to rescue the stricken investment bank Bear Stearns.

He made the comments as Berkshire Hathaway’s annual meeting got under way in Omaha, Nebraska, attended by a record 31,000 people.

Mr Buffett said the Fed acted properly when it arranged a bail-out in March of New York’s Bear Stearns by JPMorgan Chase. His investment decisions often go against the market and are followed religiously by many. However, Berkshire Hathaway has not escaped the credit crisis. It saw its first quarter profit tumble 64%, hurt by losses tied to derivatives contracts and a steep slide in insurance premiums.

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