Warren Buffet’s credit rating reduced
Even the great oracle of investing, Warren Buffet, has been negatively affected by the current economic slump: Buffet’s firm, Berkshire Hathaway, was downgraded two notches this month from a triple-A credit rating by Moody’s Investors Service. The firm’s current rating is Aa2.
Despite Berkshire’s impressive history of prolonged success, it hasn’t been immune to the economic downturn. The company reported a 62 percent drop in net income for 2008.
According to a New York Times article, Moody’s analysts lowered Berkshire’s rating because of pressures of the general economic climate. Also, in recent news, Moody’s announced its plans to lower the credit ratings of many major U.S. cities for the same reason of economic uncertainty. Other credit rating agencies including Standard & Poor’s and Fitch Ratings have followed suit.
Perhaps the most ironic twist in this story is that Berkshire owns 20 percent of Moody’s.
Greetings! I’m Kevin D. Johnson, a business owner who has recently assumed the role of consumer advocate and internet activist. Atlanta, Georgia is my home.
Upon returning from my wonderful honeymoon in Jamaica in October 2008, I received what I thought was an ordinary American Express bill, but to my surprise it was a disappointing letter informing me that my credit line was reduced by about 65% for a highly suspicious and discriminatory reason. Considering my excellent credit score and pristine payment history, it just didn’t make sense. However, what does make sense are the unfair and insidious policies that I have uncovered when asking why. It is time to change them.
I created this web site to document and share my challenging journey to change what is wrong, unfair, and unjust in the credit card industry. The ultimate goal of this web site is to inform consumers of ways to stand up for themselves against treacherous business practices and to educate consumers about how to improve their credit. Finally, I hope to encourage a more open dialogue with credit card companies about their policies–good and bad.
I am proud to say that this blog's unyielding demand for change led to an important 
Comments