Warren Buffett Subpoenaed

He was invited to speak before the Financial Crisis Inquiry Commission, and politely declined, so now he has been subpoenaed to testify:

When Warren Buffett testifies before the Financial Crisis Inquiry Commission next Wednesday, it will be because he was subpoenaed. If you don't know how a subpoena works, this one begins with capital letters, "YOU ARE HEREBY COMMANDED to appear and give testimony."

As Buffett characterizes it, "This is an offer you can't refuse."

………

But ah, it was. Buffett could by then see the likely end of this argument. But he was also determined to stick to his belief that the "private interview," followed by hearings, would neither be beneficial to anyone nor a good use of his time. So Buffett told Cohen in a phone call that he would not be volunteering to testify -- and if that meant a subpoena was in the cards, let it happen.

The subpoena -- that command in capital letters -- came on May 25. But the continuing, urgent wish of the commission to avoid coercion was contained in an accompanying letter, also dated May 25, that "respectfully" requested Buffett's testimony at a hearing on June 2 in New York City.

My guess is that the net effect here is that the board won't get its private interview, and so won't know what he intends to say until he testifies in public, which might make for some good theater.

On a more salient legal note, now that Buffet has been compelled to testify, he can say anything, and not be held liable for those statements, since it is compelled testimony, which might make it even better theater.

Personally, I think that Buffet should bring the Geico Gecko with him. (Buffet owns Geico)