Saturday, May 7, 2011

Buffett, Welch: Bin Laden death won't end terror

OMAHA, Neb. (AP) — Warren Buffett and Jack Welch, two respected business leaders, said Monday the death of Osama bin Laden won't end the threat of terrorism and might not boost markets.
The pair appeared together Monday on CNBC. Buffett's interview had been scheduled to discuss the economy and last weekend's Berkshire Hathaway shareholders meeting, but international relations became a prominent topic because of the bin Laden news. Buffett and other Berkshire officials later also did an interview on the Fox Business Network.

Buffett said he felt good when he heard of bin Laden's death, but he still worries about terrorist attacks.
"The desire to do us harm exists in too many people around the world," Buffett said.
But Buffett doesn't expect the bin Laden news to affect business much.

"I don't think this is a big market factor," Buffett said on the Fox Business Network. "The American people feel wonderful today — all of us — but in terms of earning power of American business, I don't think that factor should change dramatically because of this."

Buffett said the fact that the United States hasn't sustained another major terrorist attack since Sept. 11, 2001, shows that the government has likely done many things right. Buffett, whose company owns several major insurers, said he was expecting another attack in 2001.

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