Skip to comments.No to Keystone enriches Buffett
Posted on 01/21/2012 12:23:34 PM PST by Mustang Driver
In his reckless and artless presidential debate on CNN on Thursday, John King did not mention the disastrous decision to delay indefinitely construction of the Keystone pipeline. There are two explanations for this lapse: CNN would not let him for corporate reasons or more likely, John King is incompetent.
The Keystone pipeline would create thousands of union jobs and reduce U.S. dependency on Saudi oil, Venezuelan oil, and Nigerian oil.
But the man who pays the piper calls the tune, and Warren Buffett is paying the piper. He will rake in millions, if not billions, by eliminating a potential rival for his oil customers in North Dakota.
A post on November 18, 2011, explained it all:
Crony capitalism is alive and well and occupying 1600 Pennsylvania Avenue. The latest billionaire donor to cash in on his connections to President Obama is Warren Buffett, who now joins billionaire George Solyndra Kaiser and George Petrobras Soros in cashing in on Obamas pay-to-play energy policy. Warren Buffett is about to make a pile of money off the Bakken Oil Shale in North Dakota the old-fashioned way with a monopoly worthy of John D. Rockefeller.
(Excerpt) Read more at blogs.dailymail.com ...
Cue Claude Rains...
King didn’t mention Keystone, but did he bring up the new Boeing plant Obama sought to keep from opening? I missed the first half of the debate. It seems like it should be a no-brainer seeing as it is in South Carolina and all.
I’ve never understood the hero worship of Buffett. He’s a parasite who buys huge blocks of stock to drive the price up. “Genius”? No.
A man who tells lies, like me, merely hides the truth.
But a man who tells half-lies has forgotten where he put it.
I know, I know...that’s Lawrence of Arabia. The pic fit the quote better.
And there’s a reason 2 Billion taxpayer dollars was given to PetraBrazil....... think George Soros!
Mr. Buffett’s railroad stands to make more money from environmental policy. Low-sulfur coal currently travels by rail from Wyoming to generating plants in Ohio, Pennsylvania and West Virginia. But why bring those coal cars back empty? The BNSF has plans to build an export terminal in Washington state to send West Virginia coal to China. That way the railroad can make money coming and going.
It did indeed. Well done.
At business sites, I don’t remember which, I have read that most of this oil would be exported to Latin America, China, and Europe and will not help bring down local gas costs.
Is this the guy who wants all the ‘rich’ to pay more taxes - but lacks the wit to just send in a check?
Gee...I might have seen Warren use the Government to line his pockets or gain a superior position by using the government.
Where Have I seen this?
Thinking, Thinking, Thinking....Oh Yeah!
See the following post:
Try this one on for size and read past the first couple sentences and paragraphs:
Its like a bunch of rich guys running around acting altruistic and claiming the death tax should be reinstated or at higher levels.
What they dont tell you is their holdings include companies who profit from estate planning, income shelter, etc.
If the government has no death tax it is a direct competition to the insurance companies, law firms, Wall Street, etc.
Without the death tax there is no need for their services and such stringent estate planning.
Here is an excellent video explaining Warren Buffet and Berkshire-Hathaway. Get a cup of coffee and watch it. You will see the scheme explained and then you will get it.
Also note what companies he has acquired, how and why:
Why This Superrich Guy Likes High Taxes
Warren Buffett Benefited From Death Tax
Wanna know why Buffet pushed for TARP bailout?
Suffice it to say Berkshire owned stock in some largest receipents of TARP valued at $13 billion around that time.
Here is the funny part:
Buffett increased his bank holdings in September, while he was arguing in the media that Congress should approve the bailout to prevent the collapse of the global financial system.
TARP was approved in October of that year, just one month later!
Its good to be king!
He actually said if he didnt think the government was going to act(in a way that would positive and accretive to hihis holding) he wouldnt have been doing anything that week. (paraphrased)
BofA in April 2009 was around $4 per share and is now trading at $13.80 per share as of 3/02/2001
Wells Fargo in April of 2009 was around $11 per share and is now trading at around $31 per share.
How about US Bancorp trading at around $14 per share in April 2009 and now trading at about $26 per share.
Goldman Sachs Group trading at some $51 dollars per share has now zoomed to above $160 per share.
How about those poor folks at American Express trading at just above $10 per share in 2009 and now they are trading at about $45 per share?
Bottom line: We, the schmuck taxpayer, paid to enhance the holdings of companies like Berkshire and investors in Berkshire.
Obama is helping the 1%? No way :)
Obama and his cronies ARE the 1%
Not true. The pipelines do not go all the way to export terminal but stop short at refineries. The only oil pipeline from there to the terminals are all moving oil away from the coast.
There would be zero economic reason to export the oil while at the same time importing crude oil from even farther locations overseas.
If we raised domestic production to the point where we didn't need overseas imports, that might happen. But it would be a loosing position before that point.
If the oil was to be exported, it would be cheaper for those companies to build a shorter pipeline to Kitmat on their west coast. The Gateway pipeline by Enbridge is going to do just that. I believe the Gateway pipeline will be built before the Keystone XL. Obama has shown Canada that it is a bad idea to depend on us as a trading partner.
Also, Buffet has a history of snatching up small businesses whose heirs are forced to sell due to the estate tax.
And while they get bailed out by trillions, the standard of living for middle America nose dives...
I don’t know about the route the Canadians might use to their west coast that you mentioned. I think they are getting a lot of push back from their environment/tribal lobby. National Geographic a few months ago covered this issue regarding something about Ghost Bears wilderness or something like that. So this may be one reason Canada is so eager to use a pipeline in the US. Last I heard, they might not be able to use their route.
I don’t know about the route the Canadians might use to their west coast that you mentioned. I think they are getting a lot of push back from their environment/tribal lobby. National Geographic a few months ago covered this issue regarding something about Ghost Bears wilderness or something like that. So this may be one reason Canada is so eager to use a pipeline in the US. Last I heard, they might not be able to use their own route.
That delay means Burlington Northern Santa Fe railroad will be shipping a lot of oil (10 times as much as it does today) not from Canada but from North Dakota American oil for American cars and plastics and Berkshire Hathaway owns 22% of said railroad and will scarf up the remainder of the company.
Might explain the Canadians' announcement that they would explore the possibility of building a pipeline from North Dakota to the Gulf -- no presidential approval necessary.
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