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Warren, Put The Pickup Truck Back In The Garage, The Dealership Called. You Have To Go Pick Up The SL

Is anyone else getting tired of this folksy act by the Oracle of O? We sure are.
"Oh, those complex derivatives, we leave those to the fancy city-folk. Financial weapons of mass destruction. Exotic. Complex. We leave those to the $3,000 suit investment bankers who we really can't justify the existence of unless its for us to buy up the most offensively city-folkesque investment bank on The Street. Yeah, we have some derivatives, but they are oh-so-folksy."
"No, really, they are just index puts we wrote."
"Well, ok, they are European style options."
"Well, yeah, so, they have very exotic, customized, collateral requirements. That is, there aren't really many collateral requirements."
"No, we don't have to post collateral in that instance. Yes, that's unusual."
"Yeah, they are actually very long dated too."
"No, not just one. Actually, they are on four different equity indexes."
"Well, we've hedged the currency risk some."
Look WB, how about you just spit it out: The folksy thing sold well for years, but now its time to just admit you are a savvy player. Stop slapping around Black-Scholes while you have $37 billion in options and a pile of CDS contracts laying around. Then the SEC won't go demanding more disclosure and force you into big annual report drama.
Buffett Will Give More Information on Derivatives [Bloomberg]