Skip to comments.To Warren (Buffett) From The Taxpayers: Eat #@/t You Jackass
Posted on 09/24/2010 1:48:26 PM PDT by blam
To Warren From The Taxpayers: Eat #@/t You Jackass
September 24, 2020
As if Munger's hubris wasn't enough, now we have this:
Sentiment has turned very sour in the last three or four or five months, the chairman and CEO of Omaha-based Berkshire Hathaway Inc. said in an interview broadcast Thursday.
I hope we get over it pretty soon, because its not productive, Buffett said. We will come back regardless of how people feel about Washington, but it is not helpful to have people as unhappy as they are about whats going on in Washington.
Your businesses stole literal trillions of wealth from Americans. Your businesses Warren.
Wells Fargo. Moody's. Among others.
The truth is were running a federal deficit thats 9 percent of gross domestic product, Buffett said. Thats stimulative as all get out. Its more stimulative than any policy weve followed since World War II.
The truth is that you stole the money and now you want everyone else to pay for it. You want me and most especially my daughter to cover the bill for your firm's legalized theft from millions of Americans, including their homes, their jobs, their retirement.
Tell 'ya what Warren. Why don't you show that you really give a **** about the American economy and the citizens in this nation? Why don't you forfeit to the US Treasury every nickel you made from 2000-2010?
Let's cut the crap. You built a behemoth that turned into a giant blood-sucking vampire on the neck of America. Your banking and "rating" interests were largely responsible (along with the rest of them) for the mess we found ourselves in, and are still in.
Wells alone has over one trillion dollars of "assets" off-balance sheet for which it refuses to account and mark to the market. What's in the box Warren?
Then, when your bets went bad, instead of taking your lumps like anyone else who goes too far and becomes bankrupt, you participated in the FINANCIAL **** of the American Taxpayer with the rest of the bankster and "big money" interests who came in and essentially extorted the United States Treasury - effectively forcing that so-called "stimulus."
Now you cheer it and tell us to "suck it up" like your buddy Charlie.
Here's my answer: **** you Warren.
When you're done, and it won't be any time soon enough, there's a special place waiting for you with a nice guy in a red suit. He'll introduce you to what you should have gotten in 2007, and still should get, but due to the corrupt nature of our government you won't - in this life.
In the next, however, Paulson and Geithner will not protect you. Meet your new "bestie" - or is that "Beastie"?
Oh, and add Charlie to that list....
I was far too nice to him the other day.
I think I'll send Mr. "Productive" a copy of the Declaration of Independence. Being "nonproductive" about taxes lead to the creation of the greatest nation on Earth.
Buffet will look good in tar and feathers—it matches his complexion.
I knew he was really gone when he jumped up on the buffet table in Vegas and screamed, Im Mr. Buffet! Eat the RICH!
up yours warren
Obama voter, ‘nuff said.
I put Buffett in the same box as Soros!! They BOTH are RABID PRO-CHOICERS!!
I’m sure Warren Buffett knows what its like having to choose between paying the power bill or buying food for the kids.
Settle down,Warren.that’s the shadow cast from Moochelle’s ample buttocks.
Yep! ‘Nouf said!
It's stimulative for you and your croney capitalist, rent-seeking ilk, Warren. The rest of us have to foot the bill.
Stop attacking the productive people, and stop trying to make them feel guilty and ashamed for wanting to keep taxes low so that they can keep what they have earned and deserve, and use it to pursue their own personal happiness.
but gee, he and little Gates give SO much to charity ....THEIR charities....of their choosing....
wouldn't we all love to do that and get the big tax writeoff...
The article is utter nonsense, not to mention the factual errors. It would be funny if it weren’t sad someone is writing about something they don’t understand.
The so-called “naked” puts sold by Berkshire Hathaway were collateralized by a massive up-front cash payment upon which the firm got to hold and earn interest and dividends for years. Factoring in the time value of money, the maximum potential liability was approximately $40 billion over a period stretching long after Buffett’s expected lifespan.
The only way - LITERALLY - the ONLY way - the entire amount could have been “due” was if the entire stock markets of the combined European Union, representing a massive portion of the industrialized world, went to ZERO. Even in the case of hyperinflation (which isn’t likely because the printed money from the western nations still has barely exceeded the M2 and M3 money supplies caused by the credit bubble), the nominal value of the markets would be astronomical, meaning Berkshire got to keep ALL of the money.
Furthermore, unlike the idiots at AIG, Buffett was intelligent enough to negotiate terms that mean that under NO CONDITION can Berkshire be required to come up with ANY cash prior to the maturity date on the underlying positions. It was the collateral calls that caused AIG’s meltdown. It cannot happen here.
So if we do have high inflation = no payout plus all the dividends and interest
If the market does fall over the next few decades = $40 billion represents a relatively small portion of the total pre-tax profits generated by the subsidiaries over the same period! The loss could be thought of as interest expense on a loan.
But the major point is, if the entire European Union goes to ZERO a few decades from now, the whole world has gone into Armageddon hell-in-a-hand-basket.
The same author further displays the depths of his ignorance when talking about the bailout and how banks like Wells Fargo raped the American people. Anyone who was within 3,000 miles of Montgomery in San Francisco knows that the Board and executives of WFC were beyond livid that the government FORCED them to take TARP money, basically threatening to put them out of business if they didn’t.
The White House knew that if only the weak banks took the cash, the market would know which ones were on the verge of failing. That is why it forced the stronger banks with virtually no problems relative to tangible capital, such as U.S. Bancorp and Wells Fargo & Company to take the money anyway. Everyone involved bitched to high heaven and repaid the funds as soon as allowed by the Treasury department. To act like it was some great raid of the public coffers by those players when the real thieves were the folks at Citigroup, etc. is just moronic.
The whole thing oozes the kind of ignorance of someone who doesn’t have more than a third grade education in accounting, economics, finance and banking regulations but their own life sucks so they want to blame someone.
Unfortunately, they are blaming the wrong people - you want to know who is guilty? Take a look at the Tier 1 capital ratios and adjust the Basel II figures for asset quality a year before the meltdown. Wachovia was screwed. Washington Mutual was screwed. Citigroup was screwed.
But Wells was a damn fortress. Northern Trust was a goldmine. U.S. Bancorp was so strong it looks like they were overcharging reserves to purposely drop profit (the local branch managers were buying shares at $8 each, some of whom were putting most of their liquid assets in it during the crash!).
The original author’s diatribe is neither conservative nor intelligent. The civilization would be greatly improved if he had the good sense to pull it down before anyone else saw it.
These low quality rants are standard fare from Denninger, and I don't have any hope that they will improve.
I am glad to see that at least Denninger's blog has been relegated to Bloggers; for some reason, the blog "ZeroHedge" is often still put in the News section.
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