The National Archives on Friday released a bunch of new interviews and other documents that came out of the Financial Crisis Inquiry Commission. The FCIC interviewed lots of people about the financial crisis, everyone from CEOs like Goldman Sachs’ Lloyd Blankfein to The Big Short author Michael Lewis. Among the interviews released on Friday was one conducted with legendary investor and CEO of Berkshire Hathaway Warren Buffett.
In the interview, which took place in May 2010, Buffett admits that, like most everyone else, he didn’t see the financial crisis coming until it was too late. Buffett also says that, while he didn’t know what the government would do, his investments during the financial crisis in General Electric (ge) and Goldman Sachs (gs) were essentially based on the belief that the government wouldn’t let such big firms fail. Buffett also gave a long, thoughtful response to the question of what caused the bubble that caused the financial crisis. Here’s a transcript:
Buffett concludes by saying he wish he had figured that out in 2005. Don’t we all.