Strange is one word for it. Hypocritical is another. If there’s one thing that everyone—and I mean that all-but-literally—agrees on, it’s the central—indeed, essential—role of the ratings agencies in causing the crash. Almost everyone agrees that their business model is fundamentally corrupt, too.

And so the spectacle of the hero of American capitalism defending the indefensible is beyond disappointing. Add Buffett to the long list of fallen institutions you can’t trust anymore. It’s yet another reason for the press to back away from its Buffett worship.

Further Reading:

Warren Buffett, Talking His Book on Goldman. Warren Buffett can tout an investment like any other CEO. And the press can airbrush it as long as it’s Buffett doing the talking.

Deal Near on Derivatives: Berkshire Presses Lawmakers to Roll Back Proposed Curbs, Avoiding Potential Hit.

The Business Press and the Cult of Personality: A misplaced emphasis on celebrity over substance got us into this mess.

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at Follow him on Twitter at @ryanchittum.