Warren Buffett prospers rather well during this age of Obama. The 2008 meltdown allowed him, with a little help from Uncle Sam to make a bundle off of his Goldman Sachs investment. Obviously, old Warren aint particular about who he does business with. Goldman, Obama, or your saintly Aunt Martha are all the same to him.
Warren had another brilliant idea, while he was taking a bath, he said. Warren we could have done without that vision of your pasty old wrinkled visage, but thanks for the tip. There may be a lot of rich guys and wannabes that will start to do all their thinking in the tub. Of course, these folks should remember it works best if you are in the know of coming events.
Anyways. . . Today, Mr Buffett put his bath tub vision into action. Actually, it was nothing more than Buffett going back to the trough. He made a little phone call to the Bank of America big boys and said he had 5 billion laying around and what can that buy? It bought a lot:
Reuters, Ben Berkowitz and Joe Rauch– Buffett and Bank of America said he made an unsolicited call to the bank on Wednesday morning offering to make an investment. Buffett told CNBC the idea came to him while taking a bath and the deal was done in 24 hours.
The deal entails Buffett’s insurance company, Berkshire Hathaway Inc buying $5 billion of preferred shares and receiving warrants to buy 700 million shares. The warrants helped lift Berkshire Hathaway’s paper profits on the deal to more than $3 billion, although the transaction has not yet closed.
Now I have no problem with a man making a lot of money, even making a ton of money. Here, I must call a foul. Number one, no proof here, but please someone persuade me this Obama insider hasn’t been given a head-up on what’s coming tomorrow from Bernanke’s
Jackson Hole Black Hole pulpit .
But forget about any possible tip-offs. . . isn’t it a shame that Buffett can make over a billion bucks in one day on a $5 billion investment and do in on the back of Aunt Martha and all the millions of unconnected, powerless American tax payers. Poor Aunt Martha is getting the three way shaft here. The Fed won’t permit the poor, frugal woman to make any return off her life savings and she gets to pay the freight to rake all those stupid corruptocrat bad mortgages off the books of BofA and on to the books of the Fed. Then Martha gets to see her money deflated by this 3 card monty policy.
Warren, do the right thing. Send a check to the treasury. . . a big one. And for mercy sakes man, send Aunt Martha a thank you card. Even a neo-robber-barron can be polite.