Nebraska’s senator Ben Nelson, he of the notorious Cornhusker Kickback, is not afraid of some bad press. He didn’t vote with the Democrats last night to defeat a filibuster on financial reform because they had stripped a provision he had inserted after lobbying from Warren Buffett. Buffett had wanted existing derivatives to be exempt from new requirements on the amount of money that had to be set aside to cover losses, which could cost Berkshire Hathaway $6 billion to $8 billion. We’re not smart enough to know whether Buffett has a legitimate gripe, but we do know it doesn’t look good to vote against reforming Wall Street at the behest of one of the richest men in the world.
Nelson Flips On Regulatory Reform After Buffett Provision Removed [HuffPo]
Democrats Deny Buffett on a Key Provision [WSJ]