Buffett Jumps to Goldman's Defense

Despite weeks of bad news for Goldman Sachs, the bank received a vote of confidence Saturday from one of the top voices in the financial world, Warren Buffett. At Berkshire Hathaway’s annual shareholder’s meeting, Buffett said, "We have had a lot of very satisfactory transactions with Goldman Sachs.” Buffett invested $5 billion in Goldman in the middle of the financial meltdown and doesn’t believe it has done anything wrong. The bank’s shares have lost 20 percent of their value since the SEC brought its suit on April 16, including a 9.4 percent freefall on Friday when it emerged that the Manhattan district attorney’s office was taking a closer look, too. Berkshire Hathaway, meanwhile, announced that it had made a first-quarter profit of $3.6 billion, a sure sign of the global economy’s recovery, according to Buffett.