Almost immediately after the Securities and Exchange Commission took a legal action against Goldman Sachs Group Inc. claiming that it had been involved in fraudulent activities, Goldman Chief Executive, Lloyd Blankfein came to Warren Buffett, for instructions on how to take care of the volatile circumstances and be on a safer platform.

Mr. Buffett, whose Berkshire Hathaway Inc. made an investment of $5 billion in Goldman, even when there was a huge economic crunch throughout the world, informed Mr. Blankfein that he would inform him about any ideas, if they came up to him.

Charlie Munger, Mr. Buffett's longtime trade associate at Berkshire's helm, who would also be voyaging on the same ship with him at the meeting, will possibly have some variety of words for Wall Street.

The SEC suit puts allegations on Goldman, stating that it deceived investors, when it formed a mortgage investment, with the assistance of a bearish hedge fund and was unsuccessful to reveal the fund's function and situation.

Mr. Buffett’s reputation literally helped in saving another Wall Street investment bank, which was on the brink of collapsing.