"Buffett has known Crowe for a long time. They have mutual ties through Walter Scott, CEO of construction giant Peter Kiewit Sons'. Scott is the founding investor in Level 3. Scott and Buffett are Omaha billionaires, which is a small club, and longtime friends. Buffett's offices are on a floor of Kiewit's Omaha headquarters. When Level 3 started, it leased space there, too. A few months ago, Crowe says, the three well-acquainted men -- Crowe, Scott and Buffett -- met to talk about opportunities in telecom. They figured there must be opportunities now that things are so bad that entire telecom companies will probably be sold on eBay." A great article on the political intrigue behind Buffet's purchase of Level 3 stock. Yahoo! News - Friends-turned-foes complicate Buffett's foray into telecom | 
