Isn't it nice to have connections in high places? "Among the considerations still in the balance: A big provision being sought by Warren Buffett in recent weeks. A key Senate committee had changed its proposed overhaul of derivatives regulation after lobbying by Mr. Buffett's Berkshire Hathaway Inc., potentially helping the famed investor avoid a financial hit, congressional aides say." http://online.wsj.com/article/SB100...6252252365076.html?mod=WSJ_hpp_LEFTTopStories
He didn't start out in rags. His father was a US Senator, which kinda explains why he went to high school in DC. and a fondness for the Washington Post. He had amassed $10,000 by graduation. In 1948 dollars translates to what? Hence, there's no rags to go back to. Even if there were, with a net worth of 55 billion, it's a little dubious. I will say though, a man that labels derivatives as weapons of mass destructiion, probably shouldn't be hedging with them, particularly with unknown counter-parties. I guess he didn't learn his 900 million lesson in forex 3 or 4 years back.