WSJ: Warren Buffett on MBIA

Mr. Buffett also said Berkshire Hathaway's four-month-old municipal-bond insurance business garnered more than $400 million of premiums in the first quarter, boasting that this made its new business bigger than that of its rival. "This whole company has been built in just a couple of months," Mr. Buffett said.

Sunday he took a few jabs at rivals, saying he was confounded by the ability of his municipal-bond insurer's biggest rivals, MBIA Inc. and Ambac Financial Corp., to retain their triple-A ratings.

"If you can find another illustration of a company whose stock that's gone down by 95% in one year and is still rated triple-A, I have yet to see it," Mr. Buffett said.

Voltron says: well, Warren Buffet owns a huge chunk of the Moody's rating agency, so he can ask them why they persist in rating MBIA triple-A.