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Billionaire Buffett to testify about financial crisis

By the CNN Wire Staff
STORY HIGHLIGHTS

(CNN) -- Billionaire investor Warren Buffett is among the witnesses who have been subpoenaed to testify before the Financial Crisis Inquiry Commission on Wednesday as it focuses on the role of ratings firms in the 2008 financial crisis.

The announced subject of the hearing is "Credibility of Credit Ratings, the Investment Decisions Made Based on Those Ratings, and the Financial Crisis."

The connection between Buffett and credit ratings is his company Berkshire Hathaway's longtime ownership of stock in that industry's biggest independent company, Moody's Investment -- which has come under heavy fire for allegedly worsening the meltdown.

Sitting at the witness table with Buffett will be Moody's CEO, Raymond McDaniel.