Bloomberg has reported today that Warren Buffet, CEO of Berkshire Hathaway Inc. (NYSE:BRK.A), (NYSE:BRK.B), attempted to buy the mortgage lender ResCap before the company announced its bankruptcy. The company sought bankruptcy protection last Monday after losses at the firm from bad loans continued to increase and the company faced liabilities from separate court proceedings.
Buffet, according to Bloomberg's sources, apparently sought to take control of the firm paying no up front fees but taking on all of the firm's liabilities. That deal was rejected. The motive behind the deal is postulated to have been offered in order to avoid...
