Skip to comments.Warren Buffett has some explaining to do ahead of his Annual General Meeting
Posted on 02/24/2014 6:46:08 AM PST by SeekAndFind
Just in time for Warren Buffetts release of his 2014 annual letter to shareholders this coming Saturday, Oracle-watchers last week were privy to another iteration of the Buffett Rule.
No, not the one where he wants Americans who are trying to build a nice nest egg one paycheck at a time to pay far more in taxes than he does on his accumulated billions, but a broader interpretation of his quiet hypocrisy that is, Do what I say, not as I do.
In this case, the issue for Buffett and his Berkshire Hathaway came as the company was caught with its pants down for selling market-moving information to high-speed traders.
The down-home conglomerate that owns everything from a brick maker to a candy company also happens to own Business Wire, a disseminator of earnings reports, corporate announcements and regional Federal Reserve surveys.
Thanks to our colleagues at the Wall Street Journal, it came to light that Business Wire customers were paying thousands of dollars a month to get these releases a fraction of a second ahead of the rest of us.
Highlighting such split-second advantages may sound like splitting hairs, but for the high-speed traders throwing tens of millions at a single trade, it is tantamount to gaming the system.
(Excerpt) Read more at nypost.com ...
Typical Buffett. He engages in every sleazy business practice known to man and then to absolve himself, he writes an article in some national newspaper whining about how he should pay more taxes. He probably should be in a cell somewhere.
As if I had any ‘faith’ in gov’t, but I failed to see where the SEC/etc. are jumping on this kind of thing?