Warren Buffett is known as the Oracle of Omaha. Investors watch his every move, hoping to see where he is investing, hoping to make just a portion of what he makes. According to Wikipedia, he's worth about $62 BILLION the richest man in the world.
About six months ago, Buffett started a bond insurer. This is the kind of company that insures bonds (DUH!). Put another way, say your city wants to build a highway. It borrows money (via bonds) from a lot of sources. But in order to guarantee that they won't go bankrupt, they buy insurance, bond insurance (shaken, not stirred). Sometimes, bond insurers also insure subprime mortgage debt. Most likely not for individuals, but think of providing insurance to Countrywide mortgage.
So, fast-forward through the commercial, to present date. Some of these bond insurers are getting a lower credit rating because of the subprime mortgage problems. Buffett on the other hand has the highest credit rating, so he gets the best interest rates and can run his business more efficiently.
So technically, he's profitting from other companies bad credit. (see this story for more detail).
But rather than hate him, we can learn from him. Warrren Buffett is one of the most frugal ever investors. He looks for investments with value (he buys things on sale). He is against the government being involved in gambling (lotteries, etc - see here). And he only buys things when he has money (which is most of the time, since he's rich)