Warren Buffett Subpoenaed By FICC; To Testify On June 2

In an article on CNNMoney.com, Carol Loomis said that Warren Buffett will testify before the Financial Crisis Inquiry Commission (FCIC) on next Wednesday, but under the pressure of a subpoena. A subpoena typically begins with "YOU ARE HEREBY COMMANDED to appear and give testimony."

"This is an offer you can't refuse," ponders Berkshire Hathaway CEO Warren Buffett.

All this started with a letter Buffett received from Wendy Edelberg, the FCIC's executive director, on May 12. The letter solicited his views on a variety of subjects ranging from but not be limited to "the use and misuse of derivatives instruments, regulatory shortcomings, too big to fail, rating agencies and the shadow banking system."

On 26 May, three men from the commission, including general counsel Gary Cohen, visited Omaha and took Buffett’s "private interview." Initial questions focused on credit rating companies and later on all subjects mentioned in the first letter were touched.

According to Buffett, he liked the commission’s men and it was enjoyable answering their questions. The men, other than Cohen, brought books to get them autographed by Buffett and showed interest in attending next year's Berkshire annual meeting.

Buffett is going to give his testimony at a hearing on June 2 in New York City. "Credibility of Credit Ratings, the Investment Decisions Made Based on Those Ratings, and the Financial Crisis" is the announced subject of the hearing.

Read more from Benzinga's Markets.