Munger "Recuses Himself" As Frontrunning Focus Shifts To His BYD Purchase

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Tue, 04/05/2011 - 18:12 | 1138806 TruthInSunshine
TruthInSunshine's picture

This is the cherry on top of the BuffettFraud Sundae.

If there isn't a vigorous investigation of Buffett & Munger now, there should be pitchforks.

BYD's survival depends on slashing prices of in order to try and maintain even a worse position in China's market.

All of this is happening after Buffett's been praising BYD and generating investor ooglin for years now.

Scumbags - Buffett & Munger both.

Buffett-Backed BYD's Profit Plunges as Sales Slump - Falling Sales, Prices

The automaker’s full-year earnings fell 33.5 percent to 2.52 billion yuan. Sales in 2010 increased 18 percent to 46.7 billion yuan from a year earlier.

BYD, headed by chairman Wang Chuanfu, missed its 2010 delivery target by 13 percent, selling 519,806 cars. It cut the target by 25 percent in August from an earlier estimate of 800,000 units. To revive sales growth, BYD slashed prices of five car models by as much as 15,000 yuan last month.

GM, Honda and Nissan are also adding new, lower-priced brands in the world’s largest auto market, while the government in January ended tax incentives that helped boost sales over the last two years.

Xia Zhibing, BYD’s head of sales, wrote on his blog last month that the company, 10 percent owned by Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc., is “preparing for a price war.”

 

 

Buffett's Chinese automaker stumbles - 24/7 Wall St. - Chinese car maker BYD Co. (OTC: BYDDF) posted strong sales in 2008 and 2009 and predicted that sales in 2010 would nearly double, to about 800,000 units. In August, the company, in which a subsidiary of Warren Buffett’s Berkshire Hathaway, Inc. (NYSE: BRK-A; BRK-B) owns 10%, reduced its projections to 600,000 units after selling just 286,000 cars in the first half of 2010.

The other shoe has now dropped, as BYD reported full-year sales of just 519,806 units. Sales over the last six months weren’t even able to keep up the pace set in the first six months of the year.

 

 

 

Tue, 04/05/2011 - 18:35 | 1138902 I think I need ...
I think I need to buy a gun's picture

Buffett Munger and the rest of them can go F-themselves with becky quick interviewing them

Tue, 04/05/2011 - 19:06 | 1138986 covert
covert's picture

coincidences never "just happen" they are always engineered.

http://covert2.wordpress.com

 

Tue, 04/05/2011 - 22:37 | 1139559 Twindrives
Twindrives's picture

Charlie Munger can shit and fall back in it.

Tue, 04/05/2011 - 18:08 | 1138815 Stoploss
Stoploss's picture

Suck it up Charlie.. That's what you told us to do. Who'd a thunk it would be Charlie and Warren standing there when the tide went out. What a f'd up mental picture that is.

Tue, 04/05/2011 - 18:11 | 1138816 chet
chet's picture

Suck it up, Munger!

Tue, 04/05/2011 - 18:23 | 1138867 Id fight Gandhi
Id fight Gandhi's picture

Warrens lemon party!

Tue, 04/05/2011 - 18:12 | 1138821 Rainman
Rainman's picture

The Bunger brothers are market movers. Neglecting to put in some sideline frontruns would be sinful,abhorrent and un-Amerikan.

Tue, 04/05/2011 - 18:13 | 1138823 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Buffet = not smart, not clever, just an insider... regularly dragged out by the PTB to deliver the party agenda speeches. Just another criminal insider who has facilitated the wealth transfer from the many to the few.

Tue, 04/05/2011 - 18:27 | 1138885 Id fight Gandhi
Id fight Gandhi's picture

Illusion and propaganda of the American dream. If you save money and invest and buy and hold you can be like him!

Fuck all those lies

Tue, 04/05/2011 - 21:00 | 1139341 cowdiddly
cowdiddly's picture

In Buffys own words "Behind every fortune their is a crime"

Tue, 04/05/2011 - 18:12 | 1138828 DoChenRollingBearing
DoChenRollingBearing's picture

It does not matter what Munger did.  He & Berkshire & Buffett are in Owebama's club, so will never get charged with anything.

Tue, 04/05/2011 - 18:17 | 1138846 nah
nah's picture

predatory investing is hardly a crime... but not paying the bills for predatory overleveraged fradulent globalist centralized money power P.I.M.P's

.

well the cops will make sure someone steals your shit

Tue, 04/05/2011 - 18:20 | 1138859 Cleanclog
Cleanclog's picture

What if a partial Madoff has been pulled and all those profits weren't plugged back in and the money isn't there if investors in Berkshire Hathaway start to sell.  Oooooooooh.

Tue, 04/05/2011 - 18:47 | 1138930 kito
kito's picture

where do i get the screensaver for cleanclog's avatar?

Tue, 04/05/2011 - 18:23 | 1138871 American idle
American idle's picture

Worst case for Munger.

Um...there is none.

Tue, 04/05/2011 - 18:34 | 1138889 williambanzai7
williambanzai7's picture

This really is not just about whether Rule 10b5 has been violated. It is about good corporate governance. Not what Warren thinks.

Tue, 04/05/2011 - 18:35 | 1138895 Sequitur
Sequitur's picture

 

http://www.bloomberg.com/news/2010-09-20/berkshire-s-munger-says-cash-st...

 

Charles Munger, the billionaire vice chairman of Berkshire Hathaway Inc., defended the U.S. financial-company rescues of 2008 and told students that people in economic distress should "suck it in and cope."

"You should thank God" for bank bailouts, Munger said in a discussion at the University of Michigan on Sept. 14, according to a video posted on the Internet. "Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies."

Bank rescues allowed the U.S. to avoid what could have been an "awful" downturn and will help the country as it deals with the housing slump, Munger, 86, said. He used the example of post-World War I Germany to explain how the bailouts under Presidents George W. Bush and Barack Obama were "absolutely required to save your civilization."

"Hit the economy with enough misery and enough disruption, destroy the currency, and God knows what happens," Munger said. "So I think when you have troubles like that you shouldn’t be bitching about a little bailout. You should have been thinking it should have been bigger."

 

- Charles Munger, BYD Frontrunner, Douchebag-In-Chief, Berkshire Hathaway

 

Video:  http://www.youtube.com/watch?v=TYHQLNb3zGA&feature=player_embedded#at=34

 

 

Tue, 04/05/2011 - 18:33 | 1138903 Stoploss
Stoploss's picture

Well done!

Tue, 04/05/2011 - 20:30 | 1139256 Hephasteus
Hephasteus's picture

Awe. That warms my heart. Classic pissed off keiser.

Tue, 04/05/2011 - 21:37 | 1139426 Careless Whisper
Careless Whisper's picture

Is that true what he said about Wells Fargo Wachovia laundering billions in drug money and no one went to jail?

Wed, 04/06/2011 - 00:21 | 1139752 Hephasteus
Hephasteus's picture

Of course it's true. You think some small thinking small time people run this big giant fucking drug business that's able to destroy entire entire cities. This has got community organzing, army depoting, banker written all over it.

Understanding why he's doing his red faced screeching a lot more lately?

Tue, 04/05/2011 - 18:35 | 1138905 Veekay23
Veekay23's picture

Suck it up and cope Charlie boy.

Tue, 04/05/2011 - 19:17 | 1139023 Coldfire
Coldfire's picture

The Crocktagenarian.

Tue, 04/05/2011 - 19:25 | 1139045 Isotope
Isotope's picture

Charlie don't surf.

Tue, 04/05/2011 - 19:32 | 1139069 duncecap rack
duncecap rack's picture

What is there on Buffet? Everyone here is convinced he is dirty as hell but I have never seen specific allegations. I think he turfed Sokol for front running and Munger is a knob,clearly, but were there specific knocks against Buffet that I missed? I haved heard here that he is a friend of Obama's and that he might have a crush on a pretty cnbc host but that's it. I really would like to know what he is thought to have done that is sleazy because I don't want to be a Pollyanna. To be honest it feels like people here are being intelctually lazy and saying if he is in the game and winning he must be dirty. I personally think it is kind of cool that he skinned the squid so bad in the last couple of years. Anyhow I'm rambling but I would like some replies of actual wrongdoing on Buffet's part.

Wed, 04/06/2011 - 07:38 | 1140092 overmedicatedun...
overmedicatedundersexed's picture

duncecap..a troll is a troll of course of course..

hell awaits the idiots who cannot connect a few dots.

Tue, 04/05/2011 - 20:00 | 1139179 4horse
4horse's picture

a few centuries of repetition have honed no bareboned old cliche better for [un]said bankers than__ the power behind the throne . . .

always fronts somebody else

 

as in, false front, what rockwell of a croc could paint their very own American gothic better than this quaker-oated omaha ha and his likewise avuncular mungers to a finer art of financial Effigy for all the prairie rubes to stand in front of and admire

another masterpos

attended by all the oooo's, and aaah's, when, taken off the toilet-- whether ralphkramdened, flintstoned, homered or king-of-queening --it has long since been routine for such derisive bankers to front effrontery itself, ff, while time and again and all the while havin their plentiful and bellyfull of laughs behind the obscene

again. and again : front-and-center

ex cathedra. and with the duncecap on. a picture-perfecting of redundancy

likewise__ the hand that rocks the fable . . .

a sap's fable. twice-told and never too tall to tell in soon being as ubiquitous as it is alltalk, thoroughly disseminated

Tue, 04/05/2011 - 20:51 | 1139311 duncecap rack
duncecap rack's picture

Maybe it is all false. Some grotesque blue velvet underworld beneath the Rockwell picture. Does anyone have any proof? If so I would like to hear it. I don't like to be a sucker but the dream that the capitalistic structure could be played with joy by someone who wanted to efficiently allocate capital and use the proceeds nobly is strong in me. I understand the cesspool that is American business but before I leave behind my illusion that it can be navigated with honour I would like proof.

Tue, 04/05/2011 - 20:24 | 1139247 Hephasteus
Hephasteus's picture

This is like samsung. They rootkit laptops with key loggers then they get caught and the CEO HIMSELF goes to a "random" store and picks out a "random" laptop for investigation and hand delivers the evidence "himself". And the main stream media applauds his cooparitveness. And they wonder why people want to hand in goat pee for drug tests because you have to take crazy pills every day to live on this planet.

I don't want to save this fucking civilization. I want it dead. Rotting stinking bloated bursting from the maggots making new generations of flies from it.

Tue, 04/05/2011 - 20:53 | 1139318 cabernet
cabernet's picture

Munger says we should suck it up. Bailouts are a necessity and the rich just have to make money any way they can.

http://www.TheAngryGrapes.Com

Tue, 04/05/2011 - 21:30 | 1139402 ThisIsBob
ThisIsBob's picture

I'm unclear on all of this.  Is the rule that if you work for a company that buys stock, you are not supposed to suggest to the company any stock that you own?

Tue, 04/05/2011 - 21:41 | 1139436 Careless Whisper
Careless Whisper's picture

you see bob, berkshire hathaway changed their name to berkshire haddaway and now they just play music.

http://www.youtube.com/watch?v=jpN60KKBAjc

 

Tue, 04/05/2011 - 21:47 | 1139449 Humpty Pundit
Humpty Pundit's picture

All of this made me think of something. Buffet is transferring a lot of his Berkshire stock to the Bill and Melinda Gates foundation each year. Bill put a lot of his wealth in it earlier and they have been out raising money for it and other charities from all the ultra rich folks. I don't know how much the assests under management in the fund are now but what is to stop them and their friends from buying massive quantities of out of the money call options on a large but not too large cap company before the Gates foundation starts buying up a major stake? Warren is always whining about how hard it is to invest too much capital so there must be almost risk free gains to be had, isn't there?

Tue, 04/05/2011 - 21:52 | 1139467 Careless Whisper
Careless Whisper's picture

the bill and melinda gates foundation isn't a real charity, in the way you would think of a charity. it is a front organization for the furtherance of eugenics.

Tue, 04/05/2011 - 22:44 | 1139572 bugs_
bugs_'s picture

dirty.

Tue, 04/05/2011 - 23:26 | 1139664 baby_BLYTHE
baby_BLYTHE's picture

I got my Elephant gun out and have an itchy trigger finger

Wed, 04/06/2011 - 00:10 | 1139732 mberry8870
mberry8870's picture

You guys should stick to financial markets and not enter the comedy field. "perhaps the SEC should ask a question or two" Yeah right.

Wed, 04/06/2011 - 00:11 | 1139734 mberry8870
mberry8870's picture

You guys should stick to financial markets and not enter the comedy field. "perhaps the SEC should ask a question or two" Yeah right.

Wed, 04/06/2011 - 00:12 | 1139735 mberry8870
mberry8870's picture

You guys should stick to financial markets and not enter the comedy field. "perhaps the SEC should ask a question or two" Yeah right.

Wed, 04/06/2011 - 00:11 | 1139736 mberry8870
mberry8870's picture

You guys should stick to financial markets and not enter the comedy field. "perhaps the SEC should ask a question or two" Yeah right.

Wed, 04/06/2011 - 01:18 | 1139846 Yen Cross
Yen Cross's picture

I'm going to frontrun a small x2  (short) test H-1 trendline ans 20 50sma on eur/jpy as the Asian markets close.

Wed, 04/06/2011 - 02:13 | 1139897 ATG
ATG's picture

Used to be in America we were innocent until proven guilty in an impartial court of law

Of course we used to have blind justice, a Constitution, an SEC, real trials and not this 97% conviction plea-bargaining

So why do we keep electing or investing in crooked corporate government anyway?

Still say the Sokol (falcon) resignation more about BYD -65% than LZ

Wed, 04/06/2011 - 06:48 | 1140046 TexDenim
TexDenim's picture

Charlie, I have seen dead people who look healthier than you do. Time to take a nap, my friend, the big sleep for you. Bye, bye.

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