Wells Fargo makes comback with real banking

It is now a interesting duel. Warren Buffet vs Wall Street's derivative biggies.
Way back in 2002 Investment wizard Warren Buffet had derided derivatives calling them the "financial weapons of mass destruction. " His investment company Berkshire Hathway had stayed clear of the Banks & financial companies that traded with the toxic derivatives and invested in safe & clean institutions like Wells Fargo and American Express. The Wells Fargo results projecting a revenue jump to $20 billion and a profit jump of $ 3 billion in the first quater of 2009 proved that Buffet was right. His strategy to stay clear of the Wall street biggies including Lehman, Citi, AIG, and other fallen stalwarts, reaped long term benefits. At one point of time somewhere in 2006 his thinking was challenged by the super succesful derivative traders. Helped by the rating agencies they were able to package the toxic mortages into exotic derivatives like the "credit default swap" securities and sold them to unsuspecting investors. The credit rating agencies like Moody's , S&P issued high ratings to these toxic sub prime mortgages and raked in millions as profits, helping the securitized mortgages markets zoom and spin out of control.
The spin doctors of hyper profits could not however sustain the momentum. The Wall Street biggies, the Citis and the AIG's have collapsed in a heap today, scurrying for Federal aid . The real banks like Wells Fargo posted real profits proving that Banks must do banking and not monkey business to remain healthy.