http://FinnWContini.com
http://money.cnn.com/2011/08/26/markets/warren_buffett_bofa_profit/index.htm?hpt=hp_t2
So much for being the Oracle of Omaha, as Buffett is more commonly known.
After reading the link, you'll see Buffett made $357M in one day (paper profits) with his investment in Bank of America.
According to the media, this kind of money made in one day is okay because Buffett is altruistic: He wants higher taxes on himself because his secretary is in a higher tax bracket than him, he "gave" $37 billion to the Gates Foundation, and on and on.
What the media won't tell you is:
1. Warren Buffett practically is the media — he's on the Board of Directors of the Washington Post, along with Melinda Gates, and both wield enormous influence in what news is reported and how it is reported;
2. JP Morgan is rumored to be buying Bank of America. That news privately broke (meaning it did not make the AP wire) less than 60 hours after Buffett made his $5 billion investment in BOA. Buffett bought preferred shares; if JPM buys BOA, common shareholders will be left with nothing, whereas preferred shareholders will be paid in full, with equity in JPM. BOA also pays Buffett $300M a year for 10 years for investing in BOA. Clearly, Buffett knew about the proposed buyout ahead of time, which is why he "invested" $5 billion — he knew it was a sure thing, a risk-free investment, and BOA sweetened the deal to get Buffett's $5 billion so JPM would buy BOA out;
3. Buffett sits on the Board for the Gates Foundation, and the $37 billion he "gave" to Gates in 2007 was so that 95% of that money would be invested and upon which no taxes would be paid on the profits. That's how foundations from billionaires work — their "charitable" foundations are actually their private investment firms;
4. Buffett's calls for the super rich to be taxed more are because he knows that the super rich, like him, will never be taxed more. It's a public relations ploy, and the media, part of which he controls, is eating it up. Millionaires may face higher taxes soon enough, but billionaires write the laws that protect their money forever.
This is why I try not to watch TV — this kind of disinformation is gobbled up by ignorant Americans, and those who get all their news from the TV are the most ignorant of all because they believe the shit that's reported is fact when it's just fiction.
I believe that using insider information is illegal, but billionaires are the elite in the United States, same as the aristocrats of yesteryear. Buffett will never be held accountable for his illegal actions, because he's rich and more powerful than any of us can imagine. For those types of people in America, they are untouchable — our laws, Congressional resolutions, and Supreme Court decisions do not apply to them.
Just ask Bill Gates what the US Federal Court decision in 2000 against Microsoft to break the company into two sections meant to Microsoft: Nothing. Nothing happened, because nothing ever does to this country's coddling of billionaires.
http://Microshafted.com
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