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As Munger's Anti-Gold Campaign Kicks Into High Gear, Buffett Confirms He May Have "Held Something Back" About Sokol

Tyler Durden's picture




 

Crony capitalism bailout induced dementia may be a bitch but it sure does put things on the fast track. Specifically, from "Neither Dave nor I feel his Lubrizol purchases were in any way unlawful" to "the Sokol situation is inexplicable and inexcusable" in thirty days. Ignore the fact that Buffett both "explained" and "excused" it when he first announced it hoping that would be the end of course. After all who would dare disturb the kindly old Octogenarian of Omaha atop his perch, after he himself made billions off the backs of taxpayers, the same people his sidekick Munger who did precisely the same illegal frontrunning when he bought a boatload of BYD (oddly nobody brought that one up yet: we are confident it is being saved for the Too Bit To Fail launch party at the Museum of Mirrors) told should only buy gold if they believe the country they live in is going to kill them. We wonder if Munger has seen the price of gold lately, and if that to him is any indication of the genocidal inclinations of said host country. As for the demented one, who ended his letter with: "I have held back nothing in this statement. Therefore, if questioned about this matter in the future, I will simply refer the questioner back to this release" we wonder: now that the validity of that statement has been thoroughly refuted by none other than grandpa Warren, whether he would like to revise it, and if so, can he absolutely, definitely guarantee us that his heir apparent (not to mention Munger) was the only one who would frontrun Berkshire on corporate acquisitions in the past? We promise to believe him this time.

From Reuters:

Warren Buffett said he had made a mistake by not asking more about David Sokol's purchases of Lubrizol Corp stock while his former top lieutenant was pitching the chemicals company as a possible takeover target for Berkshire Hathaway Inc.

Sokol was widely considered a leading candidate to succeed Buffett as Berkshire's chief executive, but he resigned last month after it was revealed that he had bought $10 million of shares in Lubrizol. Sokol got a roughly $3 million profit on that stake when Berkshire agreed to buy Lubrizol.

The U.S. Securities and Exchange Commission is probing Sokol, a person familiar with the matter has said, and the controversy has put Buffett's management style into question.

Speaking on Saturday to shareholders from the stage at Berkshire's annual meeting in Omaha, Nebraska, Buffett said he should have probed more deeply when Sokol first revealed in January that he owned Lubrizol stock.

This was after Sokol had spoken with Citigroup Inc bankers about Lubrizol, and two months before Berkshire agreed to buy the chemicals company for roughly $9 billion.

"I obviously made a big mistake by not saying, 'Well when did you buy it,'" Buffett told shareholders. He called the Sokol situation "inexplicable and inexcusable."

In a scathing report, a committee on Berkshire's board this week found that Sokol deliberately misled Buffett about his Lubrizol investments, and that his "misleadingly incomplete disclosures" violated his duty to be candid.

It also said some of Sokol's responses to Buffett's questions about the stake appeared "intended to deceive."

"I think that for reasons that are laid out in the audit committee report, I don't think there's any question about the inexcusable part," Buffett said.

And since this whole affair has now passed way beyond damage control, we can't wait to see just what skeleton falls out of David Sokol's sleeve next...

 

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Sat, 04/30/2011 - 13:53 | 1224192 Gold 36000
Gold 36000's picture

Has everyone forgotten the vast corruption in re-insurance contracts that the Vampire of Omaha did a few years ago?  It was a classic case of moving capital around to various insurance subsidiaries to prove they were capitalized, then once audited they move it on to the next subsidiary.  General Re was the evil AIG of the insurance industry.  Fuck that evil bastard Buffet.

Sat, 04/30/2011 - 14:00 | 1224198 Gold 36000
Gold 36000's picture

Can we now rename him the vampire of Omaha?  Now with all his TARP and General Re corruption exposed it is clear he is just a bloodsucker.

To clarify General Re it was a case of each insurance company selling another insurance company a swap or a reinsurance contract.  If two undercapitlized companies sell each other reinsurance contracts then it looks good on paper.  It was and still is a foul nest of dozens of insurance companies buying and selling reinsurance contracts from each other backed by (pause for dramatic effect) each others' reinsurance contracts!

Sat, 04/30/2011 - 14:27 | 1224243 bonddude
bonddude's picture

Sounds like Enron. This guy thinks because he can pet Becky everybody believes in his mojo.

He's a liar. I like how Michael Steinhardt busted him recently.

Sat, 04/30/2011 - 15:48 | 1224320 Quixotic_Not
Quixotic_Not's picture

I'm sure Becky is upset that her and the oralcle from BlowMaha won't be able to lube up with anymore free Lubrizol!

Poor lil' pathological liars...

Sat, 04/30/2011 - 14:48 | 1224273 Caviar Emptor
Caviar Emptor's picture

Dont' forget this too: if two undercapitalized companies sell each other reinsurance contracts then that justifies executive salaries, bonuses and expense accounts culled from client premium payments (who have no idea said companies are undercapitalized and have no intention of paying out )

Sat, 04/30/2011 - 14:04 | 1224206 unclebigs
unclebigs's picture

Why is today's price of gold realistic but the stock price of Webvan and Pets.com was unrealistic?  

What's a useless metal worth when the PV of future cash flows is $0?

Sheeple, you're paying $1,560 per ounce of metal that is guaranteed to never pay you a dime in return.

Pull your head out of your asses and think.

 

Sat, 04/30/2011 - 14:06 | 1224212 Id fight Gandhi
Id fight Gandhi's picture

Yeah don't buy metals put your money into sound investments like travel zoo and ancestry.com

Fucking dot com bubble back in force with fed backing.

Sat, 04/30/2011 - 14:15 | 1224222 unclebigs
unclebigs's picture

So the only choices are Gold or Travelzoo?  Take a class in Logic 101 Dumbshit.

 

 

Sat, 04/30/2011 - 14:15 | 1224227 traderjoe
traderjoe's picture

Look everybody, we have a new PM troll! 

Hey, fucktard, riddle me this - what's the present value of the cash flows to Berkshire stock?

Hint: it doesn't pay a dividend...

Sat, 04/30/2011 - 14:37 | 1224258 Hephasteus
Hephasteus's picture

Persistant troll is persistant. I think you will collapse of heart attack during the bargaining phase of all this.

Sat, 04/30/2011 - 17:55 | 1224505 DavidC
DavidC's picture

I agree with you, but the word is 'persistent'.

Yes, I'm happy to be corrected on my own spelling and grammar!

DavidC

Sat, 04/30/2011 - 15:01 | 1224292 Calmyourself
Calmyourself's picture

Only if you take history 101.. Try stock returns against inflation then tell me about stupid metal. Pull your head out before it all comes down and you miss it..

Sat, 04/30/2011 - 17:53 | 1224503 PY-129-20
PY-129-20's picture

Another week, same story. Never gets old.

Sat, 04/30/2011 - 20:38 | 1224672 jm
jm's picture

Unclebigs:

This is classic cash-flow versus... whatever... thinking.  People can't see outside of their paradigm, so the other side looks like morons.

Real interest rates are negative, so the cost of holding gold is low.  The positive return comes from inflation expectations and currency substitution premia or "All fiat currencies are coming to end" stuff.  I don't count these things out.  But they are low probability events, and so I hedge them with CHEAP lottery tickets. 

Valuing commodities by discounted cash-flow makes them always be zero. Does this mean PM buyers are a bunch of glorified momos chasing a trend?  Denying this run-up is denying reality. 

It's hard for me to see how PMs are better than local currency bonds.   

 

Sun, 05/01/2011 - 13:20 | 1225656 American Dreams
American Dreams's picture

Check your frame of reference, PMs are not increasing in value they are but retaining purchasing power.  The currency by which you are valuing this store of wealth is dropping rapidly.  Try valuing gold or other PMs in Swiss Francs, this is not a run up it is a decline in your Federal Reserve Note's purchasing power.  

 

There be no shelter here

Sun, 05/01/2011 - 15:15 | 1225791 jm
jm's picture

So why wouldn't you buy a bond with a Swiss Franc coupon instead of gold?  You get a cash-flow in the former case.

Seriously, some of us are trying to figure out why one should buy gold. 

Sat, 04/30/2011 - 14:21 | 1224230 GoldSilverDoc
GoldSilverDoc's picture

To answer your (fairly ignorant) questions:

1) Because it is money, against which the fiat (fake, valueless, etc.) "money" produced by the FED is depreciating. Gresham's law, and all.

2) More than the equivalent amount in toilet-paper-money (i.e., "Federal Reserve Notes")

So, unclebigs only invests in "income producing" assets. I suppose that means he owns a lot of farmland.  Also not the worst idea, although, being both sessile and traceable, it can be taxed and stolen at the whim of a government.

The only one with his head up his ass, is somebody who missed chance to trade only 280 FRN's for an ounce of gold, since he can now buy more than 1500 of those same pieces of shit, with the same ounce.

Sat, 04/30/2011 - 14:46 | 1224266 unclebigs
unclebigs's picture

1)  Gold is not money because it can't be used as a unit of exchange.  Try going to buy groceries today with your Gold.

 

2)  I own 160 acres of prime farmland that will produce double the income this year than last.  Plus the value has doubled as well.  LMFAO!!!!

 

3)  Webvan stock skyrocketed too.  Did that confirm the investment thesis in that piece of garbage that produced the same future cash flows as gold (i.e. $0)?  LMFAO!!!!!!

 

Buy more Gold Sheeple.  Just saw another commercial on TV by some cheeseball wearing a clip-on tie.  He says buy gold.  He must be right.  LMFAO!!!!

Sat, 04/30/2011 - 14:52 | 1224278 Hephasteus
Hephasteus's picture

I thought you owned a ferrari.

Or was it a porche.

Or were you studying to be a certified public no account.

Or was it a furniture factory.

Or a dildo store.

It's all so fuzzy now.

Sat, 04/30/2011 - 15:24 | 1224325 Quixotic_Not
Quixotic_Not's picture

He's just trying to protect his Lubrizol holdings so he doesn't get cornholed with worthless lube!

I actually almost feel sorry for the lil' fairy...

Sat, 04/30/2011 - 15:12 | 1224311 adeptish
adeptish's picture

"I own 160 acres of prime farmland that will produce double the income this year than last.  Plus the value has doubled as well.  LMFAO!!!!"

Lying troll as well.

I said I would not comment further but it is raining and your comments are too entertaining to let pass.

Does the angry troll still want a cookie?

Sat, 04/30/2011 - 23:05 | 1224868 Freddie
Freddie's picture

If he doubled his income versus last year in soon to be worthless dollars then he probably made the same amt as last year.  He is probably a lying democrat like buffett.

Sat, 04/30/2011 - 15:30 | 1224334 Pool Shark
Pool Shark's picture

 

"Gold is not money because it can't be used as a unit of exchange.  Try going to buy groceries today with your Gold."

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!

For all but the last 40 years of recorded history, gold has been THE unit of exchange. How's that FRN thing workin' out for you?

Oh, by the way, good luck buying a house, car, or clothes with those vegetables....

troll...

 

Sat, 04/30/2011 - 18:18 | 1224534 Libertarian777
Libertarian777's picture

hey! this is the 21st century. we have ipad2's now!

5,000 years (of using gold as money) has no bearing on our zero-cost-to-print FRNs. Did King Tut have an ipad? NO!

the iPad 3 will be 3 times as powerfull as the ipad 2, it will wash your dishes, grow corn and farm for you too! and the iPad 4 will even do your job for you! so you won't have to work or farm!

deflation is awesome.

<sarc off>

Sat, 04/30/2011 - 16:36 | 1224412 traderjoe
traderjoe's picture

Why the fuck do you care what people do with their currency?

No, not everyone has the means or access to owning farmland.

There's a coin shop in virtually every reasonably sized town in America that will turn gold-money into FRN-currency. Gold can be tuned into local currency in virtually every country. Can you travel with your farmland?

Add value or STFU.

Sat, 04/30/2011 - 17:31 | 1224469 GoldSilverDoc
GoldSilverDoc's picture

1)  Well, dumbass, I went to my local grocery store yesterday, and asked the owner if he would sell groceries for gold. "Sure,"he said.  "No problem."  Strike one for you, the idiot.

2) Wowee.  160 acres. You are a real big wheel.  A quarter section.  (Even though you are lying, and don't really own a pot to piss in). Where I come from, that's a back yard, pissant.  Strike two.  You're all hat, and no cattle.

3) Future cash flow is not the only measure of value, dumbass.  As evidenced by, oh, the number of pieces of FRN papers you can buy today with an ounce, versus the number a year ago.

 

We will buy more gold.  But you are too stupid to do so, and obviously are pissed that you were too stupid to have missed the opportunities over the past 10 years.  Too bad for you.

Sat, 04/30/2011 - 19:05 | 1224570 Yits and the Yimrum
Yits and the Yimrum's picture

bigs, if you are growing quality food for the useless eaters, I would imagine the PTB would consider your efforts to be contrary to public policy.  Please check this with the CFR, and get back to us.

but anyhoow, love your anti gold rant, funny if a little light on convincing argument

 

Sun, 05/01/2011 - 15:43 | 1225831 Chuck Walla
Chuck Walla's picture

Then what the fuck are U.S. gold eagles?  Coins minted by the U.S. Treasury I believe. So much for their not being money.  Old silver quarters have more value due to their PM, they are also coin of the realm, legal tender for all debts...  Hmm, I bet even a Seven Eleven takes United States coins.  Doesn't Utah have a law on paying debt with silver & gold?

Sun, 05/01/2011 - 19:29 | 1226238 AndyR
AndyR's picture

But you can't eat farmland!!.... oh i see...

Sat, 04/30/2011 - 14:18 | 1224232 ColonelCooper
ColonelCooper's picture

The only response necessary to refute your position is a chart of the POSX.  As long as it continues on its current path, you are wrong.

Sat, 04/30/2011 - 14:22 | 1224237 adeptish
adeptish's picture

"Sheeple, you're paying $1,560 per ounce of metal that is guaranteed to never pay you a dime in return."

Does the angry troll want a cookie?

Any further comment on your post is a waste of my time...

 

Sat, 04/30/2011 - 20:35 | 1224660 DeadFred
DeadFred's picture

By the way, anyone recall the current interest rate for lending out your gold?  Oh I forgot it must be zero because gold can't earn anything.  Is Unclebigs a recycle troll? I don't recognize his writing style even if the talking points from the cheat sheet are some old same old.

edit: I take it back, it methman back from the grave

Sat, 04/30/2011 - 14:30 | 1224245 DebtBasedCurrency
DebtBasedCurrency's picture

Ahh Yee of brainwased western thinking one.. You have been conned to think that "paid in full" = Dollars, when "paid in full" = OZ's. Physical Gold is at the bottom of the "paid in full" pyramid, with all paper notes above the base of gold. John Exter was a rare honest central banker for the fed for about 20 years. The following quote is from an interview you should read before making really cool comments like yours

interview is over 20 years old!

http://the-moneychanger.com/articles_files/mmm_files/economy/exter.phtml

"What particular signs currently make you think we’re getting close to the collapse of the debt pyramid?

EXTER   The most important one is this flight to currency.  It is bigger than anything I expected right now.  We are still having troubles with banks, thrifts, insurance companies, & others, which will cause more people to move down to Treasury bills & currency.  At some point they will go to gold.  We’re at the threshold of that point.  When they go to gold instead of currency or Treasury bills, the price of gold will take off.  It will be a bandwagon everyone will want to get on.  Then even those who have bought currency will see how foolish they were & that gold is far better to hold than currency, that it is the best store of value money man has ever found.  It’s stupid for people to hold currency.  The Fed can simply print all they want at very low cost.  Paper money is as abundant as leaves on trees."

Sat, 04/30/2011 - 14:30 | 1224247 yabyum
yabyum's picture

Tap,tap,tap,tap,tap,tap,tap.tap. OK I thoght about it: Iam keeping my PM's

Sat, 04/30/2011 - 14:46 | 1224255 prole
prole's picture

Sheeple Unit 5 Commander reporting sir! Sir your orders are too vague and subtle for our dim Sheeple minds. Can you confirm your orders meaning sir? I take you to read: BTFD!! Can you confirm, over? (edit-unit 5 commander was a little late posting)

Sat, 04/30/2011 - 15:36 | 1224337 Quixotic_Not
Quixotic_Not's picture

I'll intrepret his conundrum for you SU-5:

Emotionally unstable retards in the (D) & (R) Free Shit Empire™ continue to defend their demigods, while ANY rational person can see the USofA has been hijacked by sociopathic politicos, whose only agenda is to rape, pillage & plunder on behalf of their bankster masters.

Carry on SU-5, keep grazing on pastures of ignorant bliss, buy all the iCrap you're credit limit will allow, and most of all...BTFD!

God save the Queen!

Sat, 04/30/2011 - 15:40 | 1224355 Ricky Bobby
Ricky Bobby's picture

LMAOF!

Sat, 04/30/2011 - 14:56 | 1224287 Caviar Emptor
Caviar Emptor's picture

Right. Trust little pieces of paper that say "IOU" and "Get Rich Quick" over the actual money which backs all world currencies. :-) 

Sat, 04/30/2011 - 18:23 | 1224537 Libertarian777
Libertarian777's picture

what's even more amazing is people don't even think who is 'owing' that IOU. It sure as hell is NOT the Federal Reserve or the US Treasury. You think when creditors come knocking, The Bernak and Turbo Timmy are going to work on an ipad 2 line to pay back the 'faith and credit'?

That 'full faith and credit' of the USA is the PRODUCTIVE force of the people.

In its truest sense FRNs are slavery. And WE the people are the slaves. Even if they stopped direct taxation, the indirect taxation through inflation of the money supply has exactly the same effect, just its more insidious.

Sat, 04/30/2011 - 15:01 | 1224294 Manthong
Manthong's picture

In this precarious environment I prefer preserving wealth in the only asset class out there that is durable and not coupled to the system in terms of liability and obligations.

It may be more or less favorably valued by others as time goes on, but I am confident that the system as it exists today is working overtime to make my choice a good one.

If I had faith and confidence that the system was working productively, prudently and in my best interests, my choices would be different.

It's about the only real freedom left (at least for now).

Sat, 04/30/2011 - 20:09 | 1224642 Bicycle Repairman
Bicycle Repairman's picture

I was junk #31.  Will 19 more kind-hearted souls step up and put unclebigs out of his misery?  Thanks in advance.

Sat, 04/30/2011 - 14:12 | 1224217 Id fight Gandhi
Id fight Gandhi's picture

All these anti gold anti articles still see gold as a commodity and don't bother to mention the destruction of the dollar. They never mention the crazy prices of the stock bubble either.

Getting market matching returns doesn't even keep pace with the decline in the dollar, what are they thinking???

Sat, 04/30/2011 - 14:29 | 1224251 chunga
chunga's picture

34.5 oz. container of Maxwell House ground coffee. $14.99 (plus 7% tax). Just got back from Publix. I couldn't help but notice how many people were looking at products and shaking their heads in disbelief. Kraft "Miracle Whip" 30 .oz jar = $5.19 (plus 7% tax).

Sat, 04/30/2011 - 14:46 | 1224275 unclebigs
unclebigs's picture

Kraft Miracle Whip is poison I wouldn't feed my dog.  Probably good for spreading on a woman's tits and licking off however.  You're an idiot.

 

 

Sat, 04/30/2011 - 15:02 | 1224296 Calmyourself
Calmyourself's picture

You hang onto those frn's and your dog will be eating you at some point. I'm sure you will be better than Miracle whip.

Sat, 04/30/2011 - 16:11 | 1224396 adeptish
adeptish's picture

The unclebigstroll wants a cookie...

Sat, 04/30/2011 - 15:03 | 1224298 chunga
chunga's picture

Witty. Who cares what you'd feed your dog? I'd feed mine with you and your dog but they'd probably chew on you a bit and spit you out after a good game of "stretch". Fire ants could clean up the rest...

Sat, 04/30/2011 - 18:53 | 1224566 Yits and the Yimrum
Yits and the Yimrum's picture

+1

although I have to admit, I'm not sure what would be worse, a night spent camping on the beach 5 miles south of fuckyoushima or a steady diet of Kraft processed foods?

can you export some of those fire ants to NYC and washington?

Sat, 04/30/2011 - 20:15 | 1224645 Bicycle Repairman
Bicycle Repairman's picture

Cheese-food.  Honestly who the f#ck asked Kraft to make cheese-food?

Sat, 04/30/2011 - 23:05 | 1224869 GoinFawr
Sat, 04/30/2011 - 22:40 | 1224841 goldfish1
goldfish1's picture

You wouldn't feed it to your dog yet you'd lick it off a woman's tits.

And he's the idiot? I sense anger.

Sat, 04/30/2011 - 14:15 | 1224223 Misean
Misean's picture

Apparently ol' Warren forgot to put out a hit on Sokol after making his initial statement.

Sat, 04/30/2011 - 14:22 | 1224236 cossack55
cossack55's picture

Maybe Sokol is allergic to hot tubs.

Sun, 05/01/2011 - 01:18 | 1225002 StychoKiller
StychoKiller's picture

Fears flying in small aircraft too?

Posesses a dart-proof neck?

Sat, 04/30/2011 - 14:21 | 1224233 treemagnet
treemagnet's picture

Let's see, how does it go again?....Do as I say, not as I do?  Yeah, thats it.

Sat, 04/30/2011 - 14:29 | 1224252 laughing_swordfish
laughing_swordfish's picture

Those misguided few who are "putting out a hit" on gold are forgetting one key fact:

Gold is NOT what you buy to EARN a return; Gold is what you buy INSTEAD OF that 2nd McMansion, that 3rd BMW, etc.

In other words, Gold is not necessarily the MEANS of wealth accumulation - it is the OBJECT of wealth accumulation.

For what it's worth, I'm in Au at an average price of 1163; in Ag at an average price of 19.21....

Sat, 04/30/2011 - 14:41 | 1224264 Hephasteus
Hephasteus's picture

"told should only buy gold if they believe the country they live in is going to kill them."

Yes becky. I think my country is going to kill me.

http://vigilantcitizen.com/sinistersites/sinister-sites-the-denver-inter...

 

Sat, 04/30/2011 - 14:54 | 1224280 Seasmoke
Seasmoke's picture

what a dumb cunt

Sat, 04/30/2011 - 19:57 | 1224631 uno
uno's picture

she obviously is a fluffer for both old men, her jaws and knees must be killing her after this weekend

Sun, 05/01/2011 - 15:49 | 1225849 Chuck Walla
Chuck Walla's picture

Oh man, that's nasty. Anyway, I doubt it takes her too long. The old boys have to be a disappointment even to the most hardened of hookers.

Sat, 04/30/2011 - 14:44 | 1224265 Cursive
Cursive's picture

The U.S. Securities and Exchange Commission is probing Sokol, 

LOL.  Maybe the tranny porn was just practice.

Buffett said he should have probed more deeply when Sokol first revealed in January that he owned Lubrizol stock.

And maybe Sokol likes the probing of Buffy's blood funnel.

 

Sat, 04/30/2011 - 14:57 | 1224288 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Ladies and gentlemen, this is where we're headed

Imperialistic American Empire...Renouncing Empire...

http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/04/imperialistic...

Sat, 04/30/2011 - 15:07 | 1224303 Seasmoke
Seasmoke's picture

Warren and Charlie lived too long and will leave this earth with their reputations ruined

Sat, 04/30/2011 - 15:12 | 1224309 indio007
indio007's picture

"the controversy has put Buffett's management style into question."

 

ROFLMAO now due diligence is a "style"

Sat, 04/30/2011 - 15:24 | 1224332 Caviar Emptor
Caviar Emptor's picture

Warren is a walking anachronism, a throw back to the way things were in America a few generations ago. He was brought up when the watchword was "What's good for GM is good for the country!". Hmmm. We've sure come a long and winding way from that. Or perhaps it's a tell. 

When the real economy was actually growing (as opposed to inflating just to cover up a contraction on paper) Warren was like Alice in Wonderland, able to throw darts at the tantalizing number of growth industries and vital companies. You didn't need a Fed head or a CNBS to convince you every single day that "Oh yeah, things are really really growing!" You could see it all over. You didn't need emergency Fed measures to "restore confidence". You had confidence just from looking around you. Things were humming. But not anymore. 

Now the things that are growing are either totally hidden from view or grow for a very brief while. 

Sat, 04/30/2011 - 15:31 | 1224340 borntokill
borntokill's picture

Like I read the other day.."the people who own Berkshire stock thinks Warren is a God..hell he could bring two stockholders on stage..shoot them both dead..and the rest of the them would applaud"

 

Sat, 04/30/2011 - 15:38 | 1224348 AldousHuxley
AldousHuxley's picture

CEOs of companies that need bailouts, and their spouses, should be left "dead broke," Buffett said. And the board should suffer too, he says.

Sat, 04/30/2011 - 15:37 | 1224352 AldousHuxley
AldousHuxley's picture

Yes Buffett is not as innocent as he may appear, but keep in mind who at this momemt has the greatest interest in bringing Buffett down.

Sat, 04/30/2011 - 15:42 | 1224354 uhb
uhb's picture

Gold is an insurance, a hedge, not a primary investment per se.

Sat, 04/30/2011 - 15:45 | 1224360 indio007
indio007's picture

Some people can't deal with the idea of "cashing out" of cash.

 

Sat, 04/30/2011 - 15:50 | 1224364 Bansters-in-my-...
Bansters-in-my- feces's picture

Hey Uncle bigs....

FUCK YOU TROLL,you fucking sach of shit

Go take some balls off your chin and be a good boy....

Sat, 04/30/2011 - 15:57 | 1224372 slewie the pi-rat
slewie the pi-rat's picture

slewie thinks the omaha mobster is gonna "pull an Uncle Jr." and get real senile, real fast. 

i think becky Q could run things, don't you?  she & blythe could chat on skype...

Sat, 04/30/2011 - 16:11 | 1224392 ViewfromUnderth...
ViewfromUndertheBridge's picture

MathMan reincarnate

Sat, 04/30/2011 - 16:20 | 1224404 realitybiter
realitybiter's picture

The Oracle of Nebraskylvania

Sat, 04/30/2011 - 16:24 | 1224405 DavidPierre
DavidPierre's picture

 

Remember when...

Remember way back when... if you spoke your mind and said something crazy like "Gold really should be trading at $600 or more" people would just laugh or roll their eyes.

$50 Silver was a whole other story while trading for so many years between $4 and $7, a new high in Silver? $50? Never, not possible, can I give you the name of a good shrink?

Now trading a new highs (albeit suppressed) prices for both Gold and Silver that even 2-3 years ago were thought to NEVER be possible!

But there is a kicker, the Dollar although quite weak has still not totally collapsed and is still being propped up artificially to continue the facade of functionality.

What do you suppose Gold and Silver will do once the artificial support to the dollar gives way?

Again, many many smart people have been putting "Dollar price" forecasts out of $2,000, $5,000, $10,000 and more. Whatever the highest number is that you have EVER read is flat out wrong because, as Jim Sinclair says, "QE to infinity" is where we are headed. I completely agree with this concept as mathematically the U.S. (and the entire world for that matter) MUST inflate and print at rates ever greater and in an exponential fashion!

"Infinity". Think about this concept for a moment, "infinity". What does it really mean? Can it ever really be attained? Doesn't it really mean that something "goes on forever and has no end"?

Of course it does but the Treasury and Fed cannot borrow and print forever because markets will balk long before the "exponential stage" really gets going. The opposite of infinity is "0" or in other words NOTHING which is exactly where the Dollar is headed no matter what policy response is chosen from here.

"Remember when"... in the future people will look back $50 Silver and $1,500 Gold as if they were FREE.

These levels in the future will look far cheaper than $4 Silver and $250 Gold does now! This entire episode is all about the end of a financial and monetary system with no foundation.

"This is for all the marbles", it truly is. Wealth in paper has been created and believed in for nearly 100 years now, once we make the "jump" to the next monetary system, those holding real money assets will be the ones who accrue ALL THE MARBLES!

ALL of the paper wealth will accrue back to where it always belonged, into real money!

$100 days, $1,000 days $10,000 days will be commonplace IF they don't evaporate the Dollar for another currency. The future will be entirely about "revaluation". It is happening now but once the process goes exponential it will be too late.

Many many people believe it is already "too late" and Gold is "too high". It is not and you can still purchase Gold and Silver for paper currency. The day will come when physical metal will not be offered and paper not accepted, THAT is when it will be "too late"!

 Call it the "infinity zone" when no amount of paper currency will bring physical metal out of it's deep dark sleep and onto the market.

 Scary concept this "infinity thing"!

www.lemetropolecafe.com

Sun, 05/01/2011 - 01:23 | 1225009 StychoKiller
Sat, 04/30/2011 - 17:14 | 1224453 halflink123
halflink123's picture

As to gold - wow - just wow.  Anything that has Munger this scared must be good - no?  I mean, if you look at gold over the last 100 years, it has been a pretty good hedge against inflation, holding value better than pretty much any currency.  If you look at over the last several thousands of years, it has been - without question - by far the best currency.  I didn't know that Buffett and his cronies were so sh*t their pants scared of gold - I think that alone makes me want to buy some, or at least some silver.  Oh and "not raising the debt limit is asinine" - I hope the MARKET finally puts these parasites in their place.  Hopefully this time they will suffer instead of the general public.

 

 

 

 

Sat, 04/30/2011 - 17:45 | 1224497 malek
malek's picture

It would be nice for Buffett and Munger to get over with it, and declare they can't afford morality anymore.

Sat, 04/30/2011 - 19:03 | 1224571 GoinFawr
GoinFawr's picture

I know it's puerile but I whenever I see a post with the words 'laid', 'party' 'candid' 'release' 'affair' and phrases like 'probed more deeply' combined with 'Lubrizol'... well, 'it' moves.

Sat, 04/30/2011 - 20:14 | 1224647 akak
akak's picture

And whenever I see a post with 'Warren Buffett', 'Munger', or 'gold + "bubble" and/or "earns no income" ', "it" instantly sags for me.

Sat, 04/30/2011 - 20:55 | 1224697 GoinFawr
GoinFawr's picture

ooog, mojo kill. Thanks a lot Akak.

Sat, 04/30/2011 - 19:05 | 1224572 Yen Cross
Yen Cross's picture

Science has confirmed Humanities ablilty to forget on QUE! Harvard can't recall Obananas fathers Thesis records, but the INS can!

  Harvard educated paleontologists (however) can carbon date Obananas bones back to a tribe in Kenya. The genealogy, shows a general propensity for tribal elders ( aka) CZARS!

Sat, 04/30/2011 - 19:21 | 1224584 GoinFawr
GoinFawr's picture

Allah Akbar, Jehovah and Good Lord (not necessarily in that order); what on earth are you on about now?

Sat, 04/30/2011 - 19:05 | 1224574 Yen Cross
Yen Cross's picture

Science has confirmed Humanities ablilty to forget on QUE! Harvard can't recall Obananas fathers Thesis records, but the INS can!

  Harvard educated paleontologists (however) can carbon date Obananas bones back to a tribe in Kenya. The genealogy, shows a general propensity for tribal elders ( aka) CZARS!

Sat, 04/30/2011 - 19:08 | 1224575 Yen Cross
Yen Cross's picture

Science has confirmed Humanities ablilty to forget on QUE! Harvard can't recall Obananas fathers Thesis records, but the INS can!

  Harvard educated paleontologists (however) can carbon date Obananas bones back to a tribe in Kenya. The genealogy, shows a general propensity for tribal elders ( aka) CZARS!

Sat, 04/30/2011 - 19:44 | 1224621 Twindrives
Twindrives's picture

Like who needs sacks of shit like Munger and Buffett around anyways?  Just die today you greedy old bastards.  Hell is anxiously awaiting your arrival.   

Sat, 04/30/2011 - 20:26 | 1224658 akak
akak's picture

+1

May Buffett and Munger be forced to dig gold from the bowels of Hell for all eternity.

Sat, 04/30/2011 - 20:23 | 1224655 MarcusAurelius
MarcusAurelius's picture

Social mood is quite interesting when studied from afar. Everyones favorite grandpa back in 2005 is now everyones evil vampire? Hmmmm.....could it be that Mr. market and capitalism was doing its job all along but no one could see the fire through the smoke? Buffet is  an opportunist no different than anyone else. He had to start somewhere right. 

Sun, 05/01/2011 - 01:20 | 1225006 glenlloyd
glenlloyd's picture

I hope this doesn't just vanish, Buffet deserves to be treated like the pariah he is.

Sun, 05/01/2011 - 02:10 | 1225037 SparkyvonBellagio
SparkyvonBellagio's picture

I swear, PHUCK that old'man. I don't give a rats ass if W or M or S has an excuse but they PPHUCKED the American people and I'm certain the majority will NEVER forgive them.

I suggest pulling ALL SOCIAL SECURITY as a Penalty.

 

Sun, 05/01/2011 - 08:47 | 1225245 Brokenarrow
Brokenarrow's picture

I am so tired of all that "Buffett genius" crap. Just another entitled criminal.

A nice article about "Buffett droped dead last night" would be just fine with me.

Blankfein would be even better.............

I would order a martini. And, I dont drink.

Sun, 05/01/2011 - 11:26 | 1225453 Jim B
Jim B's picture

+1 He is the ultimate Crony Capitalist!  

Sun, 05/01/2011 - 09:20 | 1225277 boooyaaaah
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