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Warren Buffet for Secretary of the Treasury
by Brewer 15y ago
Warren Buffet for Secretary of the Treasury
- shmulkey18 15y agoNo thanks. There is something intensely annoying about Buffett: his hypocrisy. He claims that rich Americans are not paying their fair share of taxes, but doesn't take the obvious step of voluntarily paying more taxes by sending a big check to the IRS. He supports the estate tax, supposedly because it is bad for America to have children receive inherited wealth. Of course, he has set up a foundation which his children will administer after his death. Naturally, they'll take a salary for this arduous assignment. And it just so happens that having an estate tax benefits the insurance companies in which he is heavily invested: 10% of insurance company revenue comes from the policies wealthy folks buy in order to avoid estate taxes. He's all for rigorous corporate government and the avoidance of self-dealing. Except when these standards are violated by his subordinate and Berkshire-Hathaway heir-apparent David Sokol, who -- with the full knowledge of Buffett -- personally invested in a company that Sokol was pitching to Berkshire-Hathaway. Buffett is clearly a shrewd investor. However, an economic holy man he is not.
- Brewer 15y agoBut he could end the deficit in five minutes.
- shmulkey18 15y agoNo, he couldn't. His remark is a flip one that is totally impractical. Had Ross Perot (another rich guy who likes to pop off) made this suggestion we'd all be laughing at him.
- Brewer 15y agoI should have added /sarcasm to the end of my last reply.
- shmulkey18 15y agoOh, sorry! I often fall victim to the same phenomena -- people don't understand when I'm being sarcastic.
- joelmichael 15y agoIt is actually spelled Buffett.
- shmulkey18 15y agoThanks -- I corrected my post.