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Warren Buffett: Nothing 'Unique' About Goldman Sachs Deal Targeted By The SEC (VIDEO)

First Posted: 07/03/10 06:12 AM ET Updated: 05/25/11 05:20 PM ET

In two interviews this morning, Warren Buffett reiterated his support for Goldman Sachs in the wake of the SEC's civil fraud charges levied against the bank.

In an interview with CNBC, which was echoed in an interview with Good Morning America, Buffett said there's nothing "unique" about Goldman's now infamous Abacus transaction. "When there's a mass delusion, you can say everyone is to blame," Buffett said. "There's no villain."

When asked whether or not his views were colored by his investment in Goldman Sachs, Buffett said the fact that he has some $5 billion invested in the bank is evidence that he believes in management and in the company itself. He added that he'd rather have CEO Lloyd Blankfein running the firm than anyone else. Buffett also added that he's had "three or four" conversations with Blankfein about the SEC's case.

Coming to the defense of Moody's, the much-criticized credit rating agency that his company has a 20 percent stake in, Buffett said the company had a "great business model." He added that, during the financial crisis, the company "was no smarter and probably no more stupid than most of the American public."

WATCH Buffett's CNBC interview:


WATCH: Good Morning America's interview with Buffett



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Filed by T.J. Ortenzi  |