Buffett talks about regulators & Fannie and Freddie

From Newmark's door. OFHEO has 200 employees and a $65 million budget. Their only job was to watch Fannie and Freddie. Buffett's conclusion: "It's very difficult to monitor companies if the management is out to deceive you." Still, he's highly critical of OFHEO and doubtful that increased regulation is the answer.

Brad Evans