The billionaire investor who rarely sells, has sold 2.7 million shares of Moody's Corp. (MCO), according to a filing this week with the Securities and Exchange Commission (SEC).Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) sold the shares of Moody's Corp. (MCO), according to a filing Wednesday.
The credit scoring agency was once strongly backed by Buffett, in numerous comments over the years, has experienced all sorts of problems associated with the credit crunch and also due to poor internal controls. However, this seems to be a risk reduction move overall. Berkshire still owns 15% of Moody's outstanding stock after the recent sale, down from 20% in July.
