Billionaire investor Warren Buffett has defended credit rating agencies for failing to spot the US mortgage bubble that sparked the financial crisis.
Mr Buffett told a Congressional financial crisis inquiry commission that the agencies made the wrong call, and added that so did everyone else, including himself.
The commission is investigating the role of the credit rating agencies in the financial crisis.
The agencies have been accused of giving high ratings to US mortgage-related debt that went bad when homeowners defaulted on their payments.
Mr Buffet says there had been mass delusion for not recognising the housing market had overheated.