Well I’m not sure how much he is really suffering but he is losing money, and that is good news. The Bailout mooch extraordinaire thought he could get a free ride off a taxpayer financed bonanza. Buffett made his billions by exporting America’s premier furniture manufacturing industry to China. Good for you Warren, thats the American spirit. In the wake of his billions he left families, cites, counties and states jobless and desolate. The economic rape America for profit is what I call it. Well he is good buddies with the “chosen one”, man of the people, friend of the working man blah, blah, blah, Oblama.
I remember Buffett well when he went on the toxic assets stump scam with Hank Paulson. He said he wished he could get in on that deal himself. What a load of crap. Buffett could have bought any amount of those toxic assets he wanted at any time. What Buffett did get was the insider trading info that allowed him to invest 5 billion in Goldman and an equal amount in GE. Both which stood to gain from the new untrustworthy Paulson bailout fund. No conflict of interest there though. Buffett even revealed that Paulson called him to ask what he thought about the Freddie/Fannie bailout??? That is illegal insider information. Apparently it doesn’t matter when your Warren Buffett. His bank Wells Fargo also used their share of the bailout loot to rescue Wachovia from the clutches of chop shop junkie Citigroup. Nice use of taxpayer investment funds Warren. Did you know that beforehand and perhaps that is really why you were lobbying for the bailout to pass?
So I’m glad your losing money Warren. Your a lying American jackass. I hope you go bankrupt. I hope your future is desolate. There are some more Obamonics lessons for you in the near future.
Buffett’s Berkshire Falls Most in at Least 23 Years (Update2)
By Hugh Son and Linda Shen
The stock plunged $11,550, or 12 percent, to $84,000 in New York Stock Exchange composite trading and has slipped 41 percent this year, compared with the 45 percent drop in the Standard & Poor’s 500 Index. Berkshire, based in Omaha, Nebraska, rose in 17 of the past 20 years.
“There’s nothing fundamentally wrong with Berkshire, what’s really happening is people are wondering if there’s something fundamentally wrong with the economy, and Berkshire is in some ways a bit of a proxy for that,” said Michael Yoshikami, president of YCMNet Advisors in Walnut Creek, California, which manages $850 million including Berkshire shares.
Berkshire has posted four straight profit declines, the worst streak in at least 13 years, on falling returns at insurance businesses and investment losses. Buffett, ranked by Forbes magazine as the richest American, has committed at least $28 billion this year to acquire companies, finance buyouts and purchase securities as prices fell and competitors were hobbled by limited access to credit.
Berkshire’s shareholder equity, a measure of assets minus liabilities, fell by about $9 billion in October on declines in debt and equity markets, the firm said Nov. 7. American Express Co., the credit-card company that is one of Berkshire’s top 10 stock holdings, plunged 47 percent since Sept. 30 as borrower defaults increased. Wells Fargo & Co., Berkshire’s No. 2 investment, dropped about 35 percent.
“Many of the companies Berkshire owns, such as American Express, are under pressure,” Yoshikami said. “What you’re seeing is a systematic de-leveraging process taking all financials down, including good-quality financials.”