Berkshire Hathaway Annual Meeting
Buffett: There were four losers in the Abacus transaction. GS lost money because they could not sell a piece. The main loser was a large European bank, ABN Amro. They guaranteed the credit of another company, ACA. Berkshire guarantees credits in similar fashion. In Abacus, ABN guaranteed $900 million and was paid 17 basis points. ................
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