The very first bailout of AIG (AIG) was pitched as a good investment for taxpayers, though by now we know it clearly wasn’t. Turned out, Berkshire Hathaway (BRK) was offered two opportunities to try saving the company — first directly, and then alongside another private investor, Warren Buffett told Bloomberg.
Needless to say, Buffett turned them down. “It wasn’t very tough, they needed more than we could supply by far. I didn’t know the extent of it, but I knew that.”
He added: “It’s like taking out a girl — sometimes you know it isn’t going to happen, The time pressures, the degree of uncertainty, the depth of the possible hole, the need to get it through a regulatory body.”
Anyway, obviously smart move on Buffett’s part to pass given how much money’s been dumped into the black hole since last Fall.