Where was Warren Buffett?

As readers of Think Billions know and realize, we think Warren Buffett (yes, that Warren Buffett) has been given a completely free pass when it comes to Moody's, the credit scandal and the recent financial meltdown.

Well, now the SEC might not be giving away those free passes away any longer. Statute of limitations nonewithstanding.

Today's Wall Street Journal headline on page c1 reports: Raters Drawing SEC Scrutiny.

"U.S. securities regulators are weighing civil fraud charges against some credit-rating companies [Moody's] for their role in developing the mortgage-bond deals that helped unleash the financial crisis..."

Now, we don't think Uncle Warren will be called in front of a congressional sub-committee anytime soon. Our continued bet is on another appearance on MSNBC with his friends explaining it was really no big deal.

Really.

As part owner of Moody's [via Berkshire Hathaway] the question will remain until the end of time: Where was Warren Buffett?

S&P Downgrades U.S. Debt - Moody's Still Loves U.S. Debt

Per Moody's: "Moody's Maintain Top US Rating, Outlook Positive."

Berkshire Hathaway owns a small and declining shareholder interest in Moody's.

Warren Buffett dumps shares of Moody's

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.