Power Point: Embrace the imperfect capital market
“I think we’ve got fabulous capital markets in this country, and they get screwed up often enough to make them even more fabulous. I mean, you don’t want a capital market that functions perfectly if you’re in my business. “
–Warren Buffett, CEO of Berkshire Hathaway (BERK) and billionaire investor, to Fortune’s Nicholas Varchaver in his cover story, “What Warren Thinks…” On Tuesday Goldman Sachs (GS) announced that it will receive a $5 billion dollar investment from Buffett’s company, a move that could help boost confidence in the market.
Last week U.S. Treasury Secretary Hank Paulson, the former CEO of Goldman Sachs, coordinated a bailout of American International Group (AIG), after refusing to rescue Lehman Brothers (LEH) earlier in the week (Barclays (BCS) subsequently agreed to buy Lehman’s North America unit). During the week prior, Paulson orchestrated a federal takeover of Freddie Mac (FRE) and Fannie Mae (FNM) and in March brokered a deal for JPMorgan Chase (JPM) to acquire Bear Stearns.
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Patricia Sellers has written some of Fortune's most talked-about cover stories, including "Can Meg Whitman Save California?", Melinda Gates ("The $100 Billion Woman"), "MySpace Cowboys," Martha Stewart ("I cannot be destroyed"), Ted Turner ("Gone with the Wind") and Oprah Winfrey ("Oprah Inc."). And she has broken ground with insightful pieces on career management issues such as ego ("Get Over Yourself!"), and "Charisma: Do You Need It? Can You Get It?" Pattie chairs the annual Fortune Most Powerful Women Summit, the preeminent gathering of women leaders in business, philanthropy, government, academia, and the arts. And she has helped oversee Fortune's "Most Powerful Women in Business" cover package since its launch in 1998. She started at Fortune in 1984, covering the big consumer brand companies.
