Why are crooks like Warren Buffett allowed to exist?
Other than manipulating stocks, the man doesn't do anything else to make the money that he makes. Plus he ruins the lives of many people to make that money. It inspires hatred in me for this man. I don't think people should be allowed to get away with this.
He made his money by practicing insurance discrimination, insuring only good drivers, so he could undercut other insurance companies and make billions. It was the lapse of regulatory oversight that enabled his fortune.
All the corporatists and financiers should be publicly beheaded. Let's start with Jamie Dimon, Henry Paulson, Dick Cheney, and Bill Clinton.
He is a major philanthropist.
What are we, chopped liver?
He's a benevolent 1%er!
Behind every great fortune is a great crime.
Buffett has been very vocal about the unfair tax advantage the upper 1% have. He also is leaving the vast majority of his wealth to the Bill and Melinda Gates foundation.
There are plenty of people to single out for a thread like this, but Warren Buffett would not be in my top 1,000.
What R7 said. In most cases wealth has questionable ethics behind it.
He has never been a "democrat"
Y'all bitches just jealous.
I like him. With all that money he still lives a very humble existence.
Exactly, R8. First of all, Buffett is known for making long-term investments in companies he believes in. He's not an active trader (like Wall St. banks and hedge funds) and therefore he does not manipulate markets. He does not ruin anyone's lives.
He still lives in Omaha in a modest house. He will give his children "only enough money so they are free to do anything but not enough so they can do nothing." He has already given almost his entire fortune to aid the poor and he is a Democrat.
Here is what he has to say about his fortune:
[quote]I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GDP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die.
You quite literally don't know what you're talking about.
OP smells like a plant to drum up activity here. Who actually would bother to post such a stupid comment about a mere businessman doing what business people do? Either a 12-year-old naif or a threadmaker doing it for piece work.
Nah, OP is one of those activistas who don't understand that, if you lined up all the "1%" and shot them, Che Guevara style, the net result would be...(wait for it) an entirely new top 1%.
Blame economic illiteracy and inumeracy.
R15 wins in a landslide.
All I know is parrotheads are probably just the opposite side of the coin of Limbaugh's dittoheads.
Right, r15, because starting afresh has never worked out.
R18 = Pol Pot.
1% = 70,000,000 +...including some of you, most likely...
[quote] I don't think people should be allowed to get away with this.
Why? He's not doing what you think he's doing.
r19 = Plutocratic apologist, likely lusting after the diamonds worn by the late Romanovs.
Who cares about most of the wretched 1%? They are mostly harmless. This thread is about an Oligarch who used illegal inside information to build an empire at a direct cost to society.
[quote]This thread is about an Oligarch who used illegal inside information to build an empire at a direct cost to society.
I have not heard this about Warren Buffett before. Do you have a link to support this?
It's amazing how many people will defend the rich and powerful who grind their employees into the dirt to make a little more money, and yet blame the government for all our problems.
r21 is a liar. Buffett is more honest than most of the one percent. He makes his investments based on publicly available information.
[quote]It's amazing how many people will defend the rich and powerful who grind their employees into the dirt to make a little more money,
Well, as much as I have defended Warren Buffett on this thread, I worked with some people who worked for a firm that Berkshire Hathaway purchased. All five of them had PTSD from working there post take over.
The Berkshire Hathaway companies are profitable, but they seem to have evil and soul sucking managers and policies. They really did sound evil.
r22, I don't have information on what would be one of the last cases on Earth to be prosecuted.
r24, billions earned from publicly available information and compound interest, right? Please.
if Warren Buffett is a "crook", then how do you call the corrupt politicians and wall street bankers?
You must agree, he serves a lovely chicken pot pie.
I will never talk bad about any kind of Buffett
I say they have worse publicity machines, r27. And they appear in public so often as to be conspicuous.
Buffett is one of the original hedge funders, and while I won't go into the specifics, the folksy myth of the man overshadows the nature of his actions. Balzac, as mentioned earlier, spoke a truism.
To be honest, I'd like to stop my participation in this thread. I don't have direct (?!) knowledge of any illegal doings, this is a bit much to expect of a poster here. I thought that my original point would be generally accepted or assumed. These aren't allegations, they are simply a comment on the semantics of fairness in trading. It would not be unreasonable to say that Buffett used and continues to use advantages that others do not have, and that he uses these to the detriment of the underclass. This is or rather, to be fair, should be illegal.
Maybe someone else will pick up the indignation posts, but I've served my role at this point.
[R30] lol, what PR machine? they don't even bother to hire one, everyone knows the big banks are responsible for the financial crisis, but so what? the politicians including Obama are so eager to defend them and make sure the taxpayers are foot the bill for them, meanwhile the bankers are still getting paid millions of dollars with 10% year end bonus.
[quote] fairness in trading...
Buffett is not considered a trader.
[quote] It would not be unreasonable to say that Buffett used and continues to use advantages that others do not have.
A very broad statement that you--or your successor in indignation--would have to clarify. Everyone uses advantages that others don't have. I use my kickass backhand to beat the other players in my tennis league.
If you're talking about market news, I would repeat--he's not a trader or short-term investor.
[quote] "detriment of the underclass"
Well, the "underclass" is huge: Buffett could hardly be affecting ALL of them. Do you mean his employees? If that is what you do mean, then you're going to have to give us examples.
To this guy--
[quote] Plutocratic apologist, likely lusting after the diamonds worn by the late Romanovs.
You are one repetitive bore.
Buffet has taken advantage of the rather lax insurance laws in the State of Nebraska (not the only one, Omaha is a major insurance center), so he's been able to invest huge pools of cash that he collects interest free, and is able to leverage that cash more than he could if he were based elsewhere.
Warren also has a fantastic PR machine, so don't believe the folksy bullshit for a minute. He does his Will Rogers act and talks about evil banks while owning huge chunks of Wells Fargo, Goldman Sachs, and Bank One. He bemoans derivatives while buying and selling billions of dollars worth of them through his insurance companies--the list goes on and on, but Warren often says one thing while he's busy doing the exact opposite. And as someone pointed out, the managers he has running his operating companies are fucking monsters--Warren stays out of it, but as R25 mentioned, working for them is often a horrible experience.
That said, he does own and operate real companies. That puts him miles ahead of the Bain Capitals of the world who dismantle companies for short term gain. He also makes long term investments, not the trades favored by 99% of Wall Street these days.
He wouldn't make the top 100 on almost any unbiased list of the evil rich in this country, and I say that as someone who really doesn't like him very much.
Besides, if you think he's bad, you don't know his unofficial partner, Charlie Munger. Warren is a saint compared to that guy.
The top 1% aren't the problem. Hell, the top 0.1% aren't the problem, since those top 0.1% only has a few hundred million dollars.
It's the top .01% that control the vast majority of the corporations, land and "money" (aka fiat) and control the government that are the problem.
Have the top 0.1% used their ability to influence the government to provide kickbacks and pass laws beneficial to their business? Hellz yeah! They know they can make MORE money by stopping completion via legislation and lobbying. Could any of those top 0.1% even challenge the REAL money powers? Fuck no. The only people that could come close are Bill Gates, the Waltons and Buffett, and they just play along.
Anyone who's heard Charlie Munger speak knows that he has been senile and paranoid for more than a few years now. Wasn't he living in his car when Buffett found him?
[quote] Buffet has taken advantage of the rather lax insurance laws in the State of Nebraska (not the only one, Omaha is a major insurance center), so he's been able to invest huge pools of cash that he collects interest free, and is able to leverage that cash more than he could if he were based elsewhere.
This is endemic in every industry that I know of: companies incorporate where the laws are most friendly to them. It's one reason, for instance, that you see shitty little public companies incorporate Nevada. I don't see what is illegal or immoral or unfair about this.
[quote] talks about evil banks while owning huge chunks of Wells Fargo, Goldman Sachs, and Bank One.
Well, not all banks are evil, and we do need some of them.
[quote] He bemoans derivatives while buying and selling billions of dollars worth of them through his insurance companies.
In some industries, a company must hedge against its own products using derivatives to smooth out drops in demand or it won't survive. This is particularly true of companies in the commodities markets.
Once the Progressives take over, we won't permit people to make that kind of money.
So you are happy with a feudal system with a tiny group of aristocrats and huge group of serfs? I have news for you - you are one of the serfs.
By the way, the Kock brothers and the Walton family made their money the old fashioned way - they inherited it.
Why are AIDS infested 'mos allowed to continue murdering people?
Webmaster please punch and delete the self-loathing freak show Mary @R40.
[quote]He made his money by practicing insurance discrimination, insuring only good drivers, so he could undercut other insurance companies and make billions. It was the lapse of regulatory oversight that enabled his fortune.
So you think bad drivers should pay the same as good drivers, and it's some kind of social injustice if reckless drivers can't get car insurance?
What "lapse of regulatory oversight"?
"Mommy, why are there bad people?"
Probably the biggest myth surrounding Buffett is the nonsense about how he has "great people" running his "great companies." Can anyone name any of these people? Anyone care to list their accomplishments?
American business is full of talented people running large corporations who got their start at companies like Proctor and Gamble, Goldman Sachs, or Disney, and then went on to bigger and better things. You never hear that about Berkshire, in fact, the only time you hear about a manager is when they fuck-up or get caught breaking the law (and then Warren trots out and does his "I'm shocked there's gambling going on in Casablanca!" routine).
Now ask yourself what these great managers actually accomplish. He's owned Dairy Queen for about a decade, and when he bought it DQ was a 2nd class operation with a weak menu and no real focus. 10 years later, it's still a 2nd class operation with a weak menu and no real focus.
In fact, show me a company outside the insurance industry that Berkshire owns (as opposed to invests in through minority stock positions) that has really been a home run.
"Can anyone name any of these people? Anyone care to list their accomplishments?"
The fact that they go about their business delivering value to the investors speaks volumes. If you want showy blowhards crowing about fictional success, call the Donald
[quote]The fact that they go about their business delivering value to the investors speaks volumes.
So crack open one of those volumes and read us a page or two instead of just parroting the myth of Good Old Warren.
So crack open one of those volumes and read us a page or two"
On a 1 yr return basis, Berkshire Hathaway has outperformed the DJIA & the S&P 500 by almost 100%.
Do you always need reading to or are you able to comprehend the written word unaided?
Fine, he's had a good year in the markets. Bully for Warren.
I'm talking about the dog's breakfast of misc. operating companies he owns, Dairy Queen, See's Candy, Nebraska Furniture Mart, Net jets, the Power company, the real estate company--tell me about those managers and how great they are.
Perhaps R23 can explain how he is also R24.
You refer to lining people up and shooting them "Che Guevera style" and yet the OP is ignorant? Gay men and their simpering worship of the rich.
it's because you are a naive idiot,that's why.
the world has always been run by those with POWER and not by those who whine like little bitch like you,little bitch.MIGHT IS ALWAYS RIGHT!
you think today is bad ?well not so long ago we were slaves and were starved,beaten and shot at.
what the powers that be (windsor,rockeffeller,rotschild,habsburg, and the little shits) do today is childs play compared with what they could be doing.
Those with power have always had POWER! You should fall to your knees and thank them every minute of every day for not crushing you underfoot like a roach, you lowly vermin!
R51=Clinton, Hillary Rodham
the thing is that it is true what you say R52
you just never had any problems with the powers that be-financiers,royals ,mafia,secret societies.
these people can make you disappear.
and they all work together.
i had a little ''beef'' with mafia,and when they call you from police numbers and send texts from government numbers to intimidate you will understand how pathetic and helpless you are to defend yourself.you are a ROACH dude.
i can't even imagine ducking with the roths or the windsors.
they will skin you and wear it for a wedding celebration.
this is the way of the world,get used to it.
just don't be at the bottom of the pyramid.
[quote]Nah, OP is one of those activistas who don't understand that, if you lined up all the "1%" and shot them, Che Guevara style, the net result would be...(wait for it) an entirely new top 1%.
Oh, but it doesn't hurt to give a try now does it? Cleaning out all the old rot every once and awhile does a body good.
R50 Che: "hemos fusilado; fusilamos...seguiremos fusilando" -not much ambiguity there. The gay guys got wires attached to their scrotum and electric current applied, if they were lucky.
When the Revolucionarios! themselves become the new 1%, suddenly the new status quo ossifies VERY quickly.
R55 Got your frosh syllabus, eh? You want to clear out the rot, you and youts first.
Go right ahead
Celebrity Rich = Good
Business Rich = Evil
Those "purges" worked out well, didn't they?
How many millions does the OP want murdered?
i'm in total agreement OP... if you'll add the walmart heirs, the koch brothers, sheldon adelson, rupert murdoch and art pope to your list of people who should be eliminated.
R59 :In the faculty lounge, pissed they don't have tenure, and have to "teach" a new crop of wealthy-family kids they hate and loathe.
We shouldn't attempt to limit the power of the corporations and the ultra-rich. It is God's will that they rule over the rest of us.
R36 - It is actually the shareholders who own the corporations and the voters who determine the government