Charlie Munger On Trump As President: "Anyone Who Makes Money Running A Casino Isn't Morally Qualified"

Tyler Durden's picture

It's amazing, but nearly a year into the Trump campaign the pundits still don't get it: the louder established members of the broken, crony capitalist status quo rail against Trump, the higher his popularity. And there are few more entrenched crony capitalists than the partner of Barack Obama's "tax advisor", the person who singlehandedly crushed the Keystone XL pipeline project so it would generate more profits for his oil trains, Hillary's number one supporter (perhaps tied with Lloyd Blankfein), Warren Buffet's sidekick Charlie Munger.

Earlier today Munger, the vice chairman at Berkshire Hathaway Inc., dismissed Republican Donald Trump’s qualifications to be president, during the annual meeting of his Daily Journal Corp. As reported by Bloomberg, Munger, 92, responded to a question whether a person who couldn’t make money in the gaming industry would be a good fit for the top office in the U.S.

“Well, he did make money for quite a while,” Munger said. “My attitude is that anybody who makes money running a casino is not morally qualified.

The refernce, of course, is to Trump's several corporate bankruptcies. What was omitted is any discussion of how bankrupt Munger, Buffet and/or Berkshire Hathaway would have been had their extensive financial stakes not been bailed out by the US taxpayer during the financial crisis, something profiled by Reuters in 2009.

Rolfe Winkler wrote back then:

A good chunk of [Buffett's] fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out.

 

Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money.  The TARP at one point had nearly $100 billion invested in these companies and, according to new data released by Thomson Reuters, FDIC backs more than $130 billion of their debt.

 

To put that in perspective, 75 percent of the debt these companies have issued since late November has come with a federal guarantee

 

* * *

 

As Roger Lowenstein wrote in his 1995 biography of Buffett, “Wall Street’s modern financiers got rich by exploiting their control of the public’s money … Buffett shunned this game … In effect, he rediscovered the art of pure capitalism — a cold-blooded sport, but a fair one.”

 

But there’s nothing fair about Buffett getting a bailout, about exploiting the taxpaying public for his own gain.  The naïve 14-year-olds among us thought he was better than this.

Maybe Munger would have been happier if Trump, like Buffett, had gotten a taxpayer bailout instead of following old-fashioned capitalism deep into the halls of bankruptcy court. Then again, Trump was never too systemically important to fail.

But where Munger hit peak hypocricy, was his comment about the man who made Berkshire's rise to financial superstardom possible in the first place, Fed Chairman Alan Greenspan, the man who unleashed the Great moderation: "He's an amiable man but he was an idiot."

It's comments like these, Charlie, that assure why Trump's rating will rise even higher in the next primary.

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Latina Lover's picture

Hey Munger, what about people like yourself who make money off the Military Industrial Complex....does that make you moral, you old degenerate, murderous, sack of NWO shit?

Stuck on Zero's picture

Munger is one of the most disgusting PoSs in America today. Clearly Munger will lose money under a Trump Presidency.

MANvsMACHINE's picture

Let's see if we can find a community organizer to be the next President!

Bastiat's picture

Because they are great healers and unifiers!

J S Bach's picture

Munger hungers for younger bunger.

Soul Glow's picture

AHAHAHA!  Charlie is a comdeian.

mtl4's picture

Now Charlie, everyone knows that people in glass houses shouldn't throw stones.

Manthong's picture

Hmm…

Casino… rigged table games… set the odds in the slots..

So this differs from the hedge funds, Fed and every money center and bullion bank, how ???  

Sit down and eat your Hillary, straightneck.

froze25's picture

Funny how the fact that the GOP establishment all look for money from the Las Vegas Casino king pin and not a word about morality of accepting that money.
No more Globalist we need a Nationalist.

Stuck on Zero's picture

Am I mistaken ... my belief is that Donald Trump never ran a casino. He only used his name in real estate deals.

krispkritter's picture

Pot is the New Black. Pot meet Mettle.  Fuck you Munger!

Bumpo's picture

Wall Street is a Casino. By the way, Trump's Casinos are LEGAL.

nope-1004's picture

FU Munger.

Insider trading crony capitalists are the real deal, morally sound individuals I hear.  And btw, you judge someone else based on their vocation?  Isn't it supposed to be a free market?

Asshat.

Theosebes Goodfellow's picture

My sediments exactly. Charlie "camel through the eye of a needle" Munger, M.Q. (Morally Qualified (to speak)). (pun intended.)

manofthenorth's picture

I am immediately reminded of "Alice's Restaurant".

" YOU got the nerve to ask me if I'm moral enough MURDER women and children and BURN villages after being a litter bug ?!"

 

 

Never mind me I will just be sitting over here on the "group W" bench with all my ZH friends.

AldousHuxley's picture

Munger is Trump.

 

Masters of grand puffery in bashing others with wounding sarcasm...

 

Charles Munger was born 0.1%er as a silver spooned grandson of a federal judge, son of a lawyer to major newspapers....never finished undergraduate degree, but through family connections got into Harvard Law School. His first taste of profitting in money shuffling was when he played poker during his army days. A GAMBLER.

 

johngaltfla's picture

Charlie, Charlie, Charlie, you senile old fool. Trump never made money running a casino. He made money losing money and going into bankruptcy with the casinos then using a shell corporation to buy the real estate at 20 cents on the dollar and selling it back to dupes for huge profits..

eatthebanksters's picture

Charlie, ask me if I give a shit about anyhing you or Warren Buffet say or think...FUCK NO!  Becasue you give a shit about no one but rather only about what makes you money...

Government needs you to pay taxes's picture

Charlie, may you live through an excrutiating 10-years with anal cancer.

bbq on whitehouse lawn's picture

I have no problem cashing in a 110k of chips for CASH at a cosino, but i cant cash a banks check for over 5k at one of your banks. Ill take the cosino.

pathosattrition's picture

Anyone who has held public office isn't morally qualified.

ersatz007's picture

logged in just to upvote "Munger hungers for younger bunger"

Bastiat's picture

Buffet's right hand goblin.

Government needs you to pay taxes's picture

Munger is to Buffett as Wormwood is to Screwtape.

InTheLandOfTheBlind's picture

it is a national tragedy that butthole munger is still with us

Dadburnitpa's picture

I hear ya.  I've had three good friends die in the past 6 months.  Good guys, really upstanding, honest and funny.  Yet, assholes like Munger and Buffett keep plodding along, with each step poisoning the very ground they walk upon.

SILVERGEDDON's picture

Hey, Charlie - taking all that Warren cock in for decades finally got to you, huh ?

Oh well, you can always claim that you were railroaded - real good.

New England Patriot's picture

I say again, Donald Trump is America, and all that entails.

nuubee's picture

If running a casino makes you morally unqualified, what does betraying your fellow americans to the enemy and then lying to everyone about how and why it happened do for your moral cleanliness?

 

What about exposing state secrets on a private e-mail server because you were so gung-ho about doing shady-deals with your position as secretary of state, you wanted your e-mail chain off-the-public-record. When someone dared to call you out on this, you were so caught up in realizing you might be found out to be profiting from your position that you only deleted the power-and-financially incriminating e-mails, but forgot about the ones where classified material was being passed back and forth? What does that do for your moral cleanliness?

froze25's picture

Don't let logic and reason get in the way of the Media's obvious slanted reporting now.

jcaz's picture

So the fact that he actually LOST money while running the casino make him "morally" ok then, Charlie?  Way to analyze a business-  now STFU.

cowdiddly's picture

Actually Munger, I don't think the Donald made HIS money in the stock market.

Now do the world all a favor and just DIE.

Canadian Dirtlump's picture

Coming from a satanic shitburger who is more than likely a demonic vessel, Mungoid's comment is pretty rich.

Urban Roman's picture

Sometimes it's good to sew Munger into your underwear ...

Though I can't think of when those times might be.

remain calm's picture

What a fuck wad. Gambling in Vegas and Jersey is legal.  Don't let this demented microcephalic turd confuse the issue

 

Calmyourself's picture

Charlie is it moral for you and warren to scoop up businesses when the heirs cannot free up enough cash to pay the horrendous death taxes?  Eat Rand fee free to jump in here and speak for Charlie since your a great proponent of death taxes just not unions..

jerry_theking_lawler's picture

When will all of these old leaches fucking DIE?? Munger, Buffett, Soros.....

SgtShaftoe's picture

Any asshole who makes a fortune fucking disadvantaged people and who steals billions from taxpayers deserves to be drawn and quartered.  You would fall into that category Charlie you morally bankrupt, fascist fucking asshole. 

Note: I'm not a trump fan either. 

shovelhead's picture

Fucking the disadvantaged has benefits.

If they escape, they just run around in circles and are easy to catch.

buzzsaw99's picture

time for a dirt nap charlie

Jason T's picture

just pathetic.  

SILVERGEDDON's picture

Charlie, Trump wouldn't let you run a fucking gum machine route, because you would steal all the nickels, and blame it on the disadvantaged.

Pissant little motherfucker. Go die in a fire.

g'kar's picture

going bankrupt is fairly common in business, unlike tbtf's who get the magic money and avoid bk

EscapeKey's picture

errr... the DJIA has slipped below 16k. time to engage the machines!

Exit through the gift store's picture

Now if you LOSE money running a casino.. and can get the taxpayers to foot the bill.. your golden!

 

EscapeKey's picture

that depends. did you donate to your establishment politician?

stant's picture

Ha ha ,the casino owns Washington . What a turd