Warren Buffett blames banks for meltdown

Last Updated: 1:35am GMT 07/02/2008

Billionaire Warren Buffett has accused major investment banks of creating their own downfalls through the collapse in the US sub-prime mortgage market.

Mr Buffett, known as the "Sage of Omaha" for his investment record, suggested that the banking fraternity has only itself to blame for its recent problems which have seen banks write off more than $130bn (£66.3bn) so far.

"It's sort of a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end," Mr Buffett said, making reference to the American soft drink…

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