Buffett defends Moody's but says it's not "the perfect model"

Warren Buffett, CEO at Berkshire Hathaway, defended Moody's, its management and Berkshire's investment in the battered firm as he testified before the U.S. Financial Crisis Inquiry Commission. He also voiced doubt that the credit rating industry could be significantly improved by establishing a board to select firms or other radical changes. "I'm not arguing that this is the perfect model," Buffett said, "It's very difficult to think of an alternative where the user pays. I'm not going to pay."

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