CNBC has posted a transcript of the first part of Warren Buffett's interview this morning with Becky Quick. Some excerpts:
Translation: Buffett is offering a 50 percent bonus to take over bond-insurance companies' very best pieces of business. He'll take on the tax-exempt municipal bonds, which rarely default, and leave the insurers with all the subprime and CDO junk. Not only that, he'll have set himself up as a formidable future competitor for their business. No wonder one insurer already said "no" and the other two haven't replied. Memo to stock market: Don't get so giddy.
