In evidence to the commission, legendary investor Warren Buffett also criticised their role in the run-up to the credit crisis, saying they should have taken a "meat axe" to their business model once it became clear that the "grand-daddy of all bubbles" was about to burst.However, Mr Buffett, whose Berkshire Hathaway investment conglomerate owns a 13pc stake in Moody's, said he wouldn't fire the rating agency's chief executive Raymond McDaniel.
Instead he turned his ire on the heads of companies that required taxpayer bail-outs, saying: "When society has to step in... I think the CEO should have to go away broke." ... READ MORE www.telegraph.co.uk
