Shame on You Warren Buffet
You see, the Sage of Ohmaha doesn’t have a chrystal ball; he actually just uses his telephone. And it doesn’t take a prophet to figure out what former investment bank is going to be used for the big tax payer funded fire sale. So pumping $5 Billion into Goldman Sachs is smart, but it is also designed to take advantage of ordinary tax payers, the ones actually paying for all the overhead of selling Goldman Sachs competitors for pennies on the dollar.
“Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”
If you carefully read Hank Paulson’s proposal some things come screaming off the page:
- That the fire sales are done at former CEO Hank Paulson and Goldman Sachs descretion, outside of the law
- There is no remedy for the poor shareholder who bought Lehman Brothers for $159 a share when it was bought by JP Morgan Chase for $2.38 after they borrowed $30 Billion from tax payers, even though they have almost $1 Trillion cash on hand
- If you squandered your banks deposits and ran the company into the ground, you’ll still probably get your bonus
- There will be no fraud or corporate malfesence investigations, everything will be mopped up
- There will probably be a great job waiting for cooperative executives that don’t put up a fight and try to actually save shareholder value
- And they won’t spend more than $700 Billion in tax payer money, at any one time, but it sure is possible to sale trillions of dollars worth of assets in a month if you know the bank you are working with.
If your CEO at RC Willey or Geiko came to you and said I’ve lost all our money but I think I can fix the problem by borrowing some more money, you would fire him that day and probably torch his desk in the parking lot like Jack Welch use to do.
So why are you participating in this reckless administrations bailout of Wall Street greedy bastards who were supposed to stimulate the economy with tax cuts for the rich and all that spending on homeland security and invade sovereign nations. More of the bad reckless spending will not fix the problem, and you should be ashamed of yourself for putting profits ahead of integrity.
The real problem as you know is the Credit Default Swap tsunami that is about to hit. The $65 Trillion CASINO that is going bust. To hell with those Greedy Bastard gamblers. You called them Weapons of Financial Mass Destruction.
But what the world doesn’t quite get is that you can’t wait to acquire AIG, a few banks for your Wells Fargo portfolio and cherry pick this fire sale, for a couple of pnnies on the dollar. No sense letting JP Morgan Chase get all the sweetheart deals. But the Lord Saviour Jesus Christ knows. Maybe that’s enough.
You’re still my favorite billionaire. And I hope to meet you soon WB77.
