This page has been archived and commenting is disabled.

Buffett Says European Bank(s) Have Asked Him For Money

Tyler Durden's picture




 

While Buffett hemmed and hewed in his usual populist rhetoric, discussing how multi-billionaires can afford to be generous with other people's tax rates, all of it completely unremarkable and highly hypocritical, the Octogenarian did release, whether by accident or on purpose, something quite critical, namely that European banks have approached him with requests for money.  From Bloomberg: "They need capital in their banks, in many of their banks," Buffett, Berkshire's chairman and chief executive officer, told Bloomberg Television's Betty Liu on "In the Loop" today. "We would not be a good prospect," he said in an interview from the New York Stock Exchange. He's received "very, very few" calls about putting capital into European banks. "Not quite none at all," he said, declining to name any institutions."And that, as they say, is a word out of place, because while one my pretend that borrowing $500MM from the ECBs Fed swap line is really just an (inverse) arb on Libor or some other useless excuse, a bank begging for Buffett to take a bath can not be explained away.

Furthermore, since something tells us La Troisieme Banque d'Avignon does not have Warren on speed dial. So yeah, now begins the great scramble to figure out just who it is that can not even rely on the Fed or ECB for funding, but has to rush all the way to the"Really Poor Man's" central bank, located in downtown Omaha. And the inevitable risk flaring in Europe which will result once this latest data is processed will certainly lead to even more weakness for Bank of America. Which begs the question: why is Buffett trying to push his own investments lower with careless words: accelerate dementia or an attempt to double down on BAC shares at even lower prices?

As for bank [X], the Oracle had bad news:

Berkshire Hathaway Inc.'s Warren Buffett, who has sold most of his company's holdings of European sovereign debt, said his firm isn't interested in helping to bail out lenders on the continent.

 

Berkshire sold most of its European holdings about year and a half ago, the billionaire said today on CNBC. A German reinsurance unit still holds some bonds from that nation, and Berkshire is "fine" with the investment, he said.

 

The European debt crisis is bound to have some fallout in the U.S., he said. "It's hard to tell" what would happen if Greece fails to pay its debts, Buffett said in an earlier interview with Fox Business Network. "That's the reason I'm scared."

Full interview:

And transcript:

Buffett on stepping out to advocate the tax rule for the ultra-wealthy:
 
“It’s to have the ultra-rich who are paying very low tax rates pay more taxes. There’s all kinds of ultra-rich who pay normal taxes, but there’s a small segment who pay very low taxes including me.  People who make money with money only pay very low taxes at very high levels of income. People with jobs like yours or all those around us pay perfectly normal taxes. What I am talking about would apply to 50,000 people out of 310 million in the country. It would simply mean that if you make tens of millions of dollars and your tax rate was 16% or 17%, you would start paying like the person who made $100,000 or $10 million who paid normal tax rates. An athlete making $10 million would not have a change in his tax rate at all. Somebody who buys a stock index future and sells it 10 seconds later and gets 60% by long-term gains, he would have a different world to live in.”

On whether he’s heard from people who qualify as ultra-rich:

“I get some letters [that are negative], but I get more letters saying thanks. A lot of people do not understand it. It would really only apply to about 50,000 people. The rest of it would be unchanged. But it would raise as much as $20 billion per year. That’s $1,000 to 20 million families.  If you give me a choice between taking $1,000 from 20 million families or hitting 50,000 people who shuffle money around all day, I will take it from the people who shuffle money.”

On why he doesn’t just write a check to the government:

“If you have a trillion dollar plus deficit and you have this child-like faith that people can solve that by writing checks to the government, I sort of admire it.  I heard Senator McConnell  suggest that. I think it’s wonderful that he has such faith in the American people that he wants to solve a trillion dollar deficit problem by people voluntarily sending checks to the government. If something should be policy, it should be enacted as policy.”

“If there were a group of ultra-rich people who wanted to take that out as a program, I will join with them.”

On Governor Rick Perry saying that Buffett doesn’t know what’s going on in the places where job creation is zero:

“I think it’s a real problem of society but it will not be hurt in the least.  The top 400 in taxpayers in 2009 averaged $227 million of income per person.  The economy will not be hurt at all by taxing those who paid low rates at a higher rate. Creating jobs. We have billions in cash at Berkshire  that we are looking to put out to satisfy demands of customers and that creates jobs…Jobs are created by demand. The capital that supports demand is huge. There is $1 trillion plus at the Federal Reserve left by banks earning 0.25%. They do not want to leave it there. They want to put it into business that need it. There has been an increase in need, But it isn’t galloping.”

On President Obama’s jobs plan:

“I have not looked at all of the details of the plan.  What I look to do is when they coalesce around a plan I will look at it and see if it will work.  The real question is whether you can get a majority of Congress and the Administration to agree on something to move the country forward, and we’ll see what happens on that.”

On whether Obama’s plan will get CEOs to start hiring:

“It’s a stimulus plan and fiscal stimulus is one piece of the pie in keeping a recovery going.  We have a recovery going.  We are not in a double-dip recession or anything like that.  I’ve got 70 something business and most of them are doing very well.   Fiscal stimulus, monetary policy, those are the conventional tools.  We’ve used them big time already.  I don’t think that fiscal stimulus or monetary policy from this point forth will do a lot, to be perfectly honest.”

On whether Berkshire would help bail out lenders in Europe:

“They need capital in their banks, in many of their banks, but they have not called us. Not quite none at all.  We would not be a good prospect.”

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 09/30/2011 - 14:11 | 1726700 TruthInSunshine
TruthInSunshine's picture

Buffet was taking a bubble bath, watching Beck Quick while defecating whimsically, per his 3 p.m. daily routine, and as he was mulling over the idea of buying billions worth of C while writing another fat check to the 'Obama 2012' re-election fund, the rubber duckey phone rang, and it was SocGen calling him.

Fri, 09/30/2011 - 14:21 | 1726762 High Plains Drifter
High Plains Drifter's picture

berkshire doesn't have any money. they are too busy buying back their own stock. this old bullshit artist ought to fade into the darkness and go fishing. but he can't . no not really. this is all he knows. this is his heaven. soon enough will begin his hell..............

Fri, 09/30/2011 - 14:29 | 1726801 nope-1004
nope-1004's picture

 

People who make money with money pay very low taxes.

True, but people who make money with money also produce NOTHING.  They are using system infrastructure and contribute NOTHING back.  They are a total liability.  What does Buffet make?  What is his contribution?  Anyone can tithe to a poor country out of their excesses.  I'm not judging him, I think it's great that he sends money to poor nations.

But the country is falling apart at the seams, not because the ultra rich don't pay enough taxes, because the only growing industry is "financial innovation", a transcation middleman, broker - total ponzinomics.  We need people to be productive and to work.  We don't need another broker telling everyone how little his taxes are.

Fri, 09/30/2011 - 14:36 | 1726824 TruthInSunshine
TruthInSunshine's picture

Buffet is the worst kind of fraud. He projects the image of the wise grandfather and good steward of sound financial advise, when his entire fortune was made off of his incestuous dealings with government, which supported or saved - ala 2008, so many train wrecks of companies he had large ownership stakes in that absent such governmental intervention he'd be the bankrupt fool his DNA predetermined him to be.

I'd actually dislike Buffet a tiny bit less if he was more direct and honest, like his co-kleptocrat, Charlie Munger.

Fri, 09/30/2011 - 14:42 | 1726847 nope-1004
nope-1004's picture

I also find it incredibly interesting to listen to Buffet explain his views on gold.  "It's in the ground, we dig it up, purchase it and it just sits there, producing nothing."

Beautiful epitaph for him, whether or not he knows it.  Couldn't of said it better myself.

The ponzi system convinced people like this that money can be made on money without productivity entering the equation.

Fri, 09/30/2011 - 14:43 | 1726873 TruthInSunshine
TruthInSunshine's picture

Buffet said that Nebraska Furniture, Dairy Queen and BAC are all inherently more valuable than the extremely stable (in purchasing power for thousands of years) barbaric relic.

Fri, 09/30/2011 - 14:50 | 1726918 bigdumbnugly
bigdumbnugly's picture

damn straight.  if i was a bank and saw the old geezer drop a wad like that on BAC i'd be calling on him too.

i wonder if becky quick is earning a few extra bucks on the side from these guys while she's out on maternity leave since she's the one with warren's private yellow rubber ducky number.

i'll have to go back and check his quotes.   did he say "becky called and asked if soc gen..."?

Fri, 09/30/2011 - 14:45 | 1726890 lolmao500
lolmao500's picture

He's wrong about gold. Gold is used in a lot of technology. Computers for example. Gold is way more useful that Buffet. Buffet is just breathing air and filling the sewers with his BS.

Fri, 09/30/2011 - 16:15 | 1727284 theotheri
theotheri's picture

For industrial use gold is probably worth a few hundred bucks.  Do you want to call that the floor price then?  I was going to give you $1000/oz for jewllery but heck, a few hundred makes more sense.

Fri, 09/30/2011 - 14:50 | 1726911 macholatte
macholatte's picture

 

The ponzi system convinced people like this that money can be made on money without productivity entering the equation.

How about making a ton of money for getting fired. That's very productive for the new unemployed.

Outsize Severance Continues for Executives, Even After Failed Tenures

http://www.nytimes.com/2011/09/30/business/outsize-severance-continues-for-executives-even-after-failed-tenures.html?hp

Fri, 09/30/2011 - 14:55 | 1726939 I am a Man I am...
I am a Man I am Forty's picture

making money on money is called capitalism

Fri, 09/30/2011 - 15:10 | 1727003 AldousHuxley
AldousHuxley's picture

Capitalism is when Koch brothers who inherited oil industries use money to cut public education funding so no ambitious smart kid doesn't come up with alternative energy that will replace oil. Because then that's a real competition unlike the fake one where Koch brothers just inherit their position in society.

 

Capitalism DOES NOT equal meritocracy when you only measure merit as money

 

We are entering a world where everything has a price. One caveat: there are  those who are born with so much money, they can buy everything

Fri, 09/30/2011 - 15:21 | 1727049 nope-1004
nope-1004's picture

making money on money is called capitalism

Bullshit.  Your definition is USURY.  And Usury is what the ultra rich have to keep in place to maintain their standard of living at the expense of the masses.

From Wiki:

"There is no consensus on the precise definition of capitalism, nor on how the term should be used as a historical category.[2] There is, however, little controversy that private ownership of the means of production, creation of goods or services for profit in a market, and prices and wages are elements of capitalism."

Capitalism without productivity is fractional theft.  Lack of goods produced and traded means that to make money, one has to invent a way to skim off of the transaction.  Buffet is a perfect example.

 

Fri, 09/30/2011 - 15:28 | 1727076 AldousHuxley
AldousHuxley's picture

I'm all for making money on money as long as the rich kid doesn't start out with $100M + massive connections vs poor kid starting out with $100K in education debt

 

In America, capitalism has turn rich gaining wealth by taking it from the middle class instead of rich growing because their base is also getting richer. The pie is actually shrinking and rich are taking greater share of the pie because they are spoiled brats who can't compete in the real world.

 

Buffet plays the same game banksters play, except banksters got too greedy due to their arrogance and lost and need bailout from uncle warren now.

Buffet > Rubinite Clintonian banksters

Fri, 09/30/2011 - 20:54 | 1727967 macholatte
macholatte's picture

Huxley, I think what you said is not well thought out.

Your concept of the righteous only being poor is silly and shows that you have been brainwashed by the liberals. Howard Huges inherited a fortune and made several more fortunes from it. There are many others who did likewise as well as people who came from poor families who did very well.

Your accusation that bad deeds are done only by Americans is also rediculous. Look at the European and Mid East royalty. What have they produced in 500 years besides children? 

Open your eyes and look out the window and you just might see a world filled with capitalists from the street vendor in Mexico City to the pavement contractor in China to the Italian and German automobile makers to the wine makers in France and on and on.

Remove government control and set people free and they become capitalists. It's the law a nature.

Fri, 09/30/2011 - 22:39 | 1728118 AldousHuxley
AldousHuxley's picture

I'm not standing up for those who choose to be poor nor look down on those who choose life is not all about money as banksters may have you believe.

For every Horward Huges, there are dozen more who didn't make it. yes 1% of people make the forbes 400 list, but majority of richest 400 families inherit or inherited privilege at least upper middle class upbringing.

 

But capitalist competition does not produce optimal results when you don't have FAIR competition. You can't remove government protection for labor and still have bailouts for the capital.

 

Open your eyes and see that the real elites are anything but gifted. Bush for president? really? by sheer population statistics out of million street vendors, none of them are smarter than George W. Bush? Out of millions of Arabs, only the Saudi family is smart and fit enough to rule and control the entire oil wealth?

 

Admit that opportunity is not equal and you will see capitalism is just another justification for the unmerited but inherited.

 

You cannot be a capitalist without capital. Dumbass with $100B will win over diligent genius born with $100, 99% of the time.

 

 

Sat, 10/01/2011 - 01:16 | 1728321 macholatte
macholatte's picture

I think you have a chip on your shoulder which is clouding your thinking because what you said again is not reality... at least not in the America I grew up in. I know Viet Nam immigrants who came to the USA with shit and have done very well for themselves. I have close friends who are from Mexican peasants and they have done very well. Good, honest, hard working people who grabbed for the brass ring and got a piece of it. None of them are on the Forbes list. So what? Stop being focused on the 0.5% of ultra wealthy and look and the millions who have taken advantage of their own abilities and a system that rewards their efforts.

Build a better mouse trap......

Fri, 09/30/2011 - 14:46 | 1726897 TheFourthStooge-ing
TheFourthStooge-ing's picture

The Carbuncle of Omaha.

 

Fri, 09/30/2011 - 16:58 | 1727463 TruthInSunshine
TruthInSunshine's picture

Corporations ARE part of the solution WHEN TRULY FREE, CAPITALISTIC MARKETS, and not some rigged, kleptocratic, tortured farce of a system allows literally a hundred people to decide on and plan a set of global designs, in a foolish (and ultimately futile and highly destructive) attempt at 'controlling humanity's future.'

 

Scamming (subsidized) corporations and financial teet suckers like General Electric and JP Morgan would not exist in a world of free markets and no central banking fraudsters. Free markets would suffocate them with their efficiency.

Fri, 09/30/2011 - 18:04 | 1727665 tmosley
tmosley's picture

Corporations can't exist in a free market, as they are a creation of the state.  Companies, however, can.

Fri, 09/30/2011 - 14:42 | 1726869 FMR Bankster
FMR Bankster's picture

Rick Santeli mentioned a wealth tax this morning just to get a reaction out of the venture capital guy playing co host this morning on CNBC. Thought the guy was having a stroke. Another liberal venture cap/private equity/hedge fund type wanting to raise taxes on everyone else but himself. Hopefully Santeli will remember that suggestion the next time Buffet's on.

Fri, 09/30/2011 - 15:23 | 1727059 Zedge Hero
Fri, 09/30/2011 - 15:11 | 1727006 brew
brew's picture

i know i'm going to get junked but, he's not one of the wealthiest people in the world by mistake.  he's rarely wrong...

Fri, 09/30/2011 - 22:54 | 1727638 TruthInSunshine
TruthInSunshine's picture

Riiiight. And he also wouln't have lost 17 billion minimally had Hank 'Tanks In The Streets' Paulson, Bernankincide and TIMMMAY not bailed out AIG with some 220 billion of taxpayer monies, so that AIG could make good on its asinine bets made with/to many of Warren B's core holdings, or had the same criminals not bought toxic crap from many of Warren B's other main investments via TARP/TALF,etc.

Fri, 09/30/2011 - 14:23 | 1726773 bonddude
bonddude's picture

U were scooped weeks ago on this by IMF. Captain Obvious here.

Fri, 09/30/2011 - 14:28 | 1726783 nope-1004
nope-1004's picture

.

 

Fri, 09/30/2011 - 14:36 | 1726830 Panafrican Funk...
Panafrican Funktron Robot's picture

Should have gone lean hogs today, Warren.  You'd think an aw-shucks "salt of the earth" type would have his finger on the pulse of basic ag commodities.  Man, you're nearly as genuine as that computer nerd persona that Gates constructed for himself.  

Fri, 09/30/2011 - 20:35 | 1727940 Dave Thomas
Dave Thomas's picture

Did you notice how giddy and kind of loopy he was? And with the coughing too? I don't want to sound like a jerk or nothing but Warren is starting to remind me of Wilbur Cobb of Ren and Stimpy fame.

 

I mean roll that video again, and compare it to this:

 

http://www.youtube.com/watch?v=4ZAPtwJ95_4 

Sat, 10/01/2011 - 10:09 | 1728722 covert
covert's picture

is warren getting senile? seems so, hope not.

http://expose2.wordpress.com

 

Fri, 09/30/2011 - 14:10 | 1726706 gojam
gojam's picture

I can confirm that the Bank of Gojam (BoG) has asked Mr Buffett for money.

He said "no".

Which was a shame as I had my eye on a Greek Island.

 

Fri, 09/30/2011 - 14:09 | 1726710 cabtrom
cabtrom's picture

Would you please just fucking die you miserable old fucking liar.

Fri, 09/30/2011 - 14:17 | 1726749 Taint Boil
Taint Boil's picture

Don't sugar coat it or beat around the bush ..... just tell us how you really feel.

Fri, 09/30/2011 - 14:22 | 1726763 sgt_doom
sgt_doom's picture

Ditto!!!!!!!!!

Neither this blog post nor that old fucking liar bothers to mention that his company has been engaged in a legal battle with the IRS regarding their owing billions in back taxes --- and this has been going on for years now.

http://www.youtube.com/watch?v=Ccazpyz0RyQ&feature=player_embedded

 

Fri, 09/30/2011 - 14:51 | 1726922 X.inf.capt
X.inf.capt's picture

well, his daddy was a congressman...

he knows how to work the system...

Fri, 09/30/2011 - 14:54 | 1726927 TruthInSunshine
TruthInSunshine's picture
He Ain't No Senator's Son - YouTube

 

Wait...

Yes.

Yes, he is.

Fri, 09/30/2011 - 14:10 | 1726714 AcidRastaHead
AcidRastaHead's picture

Obviously the "Recovery" is now in the "you'd better find your own sugar daddy" phase.

Fri, 09/30/2011 - 14:44 | 1726884 DCFusor
DCFusor's picture

It might not mean much.  WB probably gets asked for money every day by everyone who knows how to reach him.  My own wealth isn't well known, but I get it all the time.  Teaches you how to say no really well.  I'm sure he gets a lot more attention than I do (thank heavens).

Fri, 09/30/2011 - 14:11 | 1726715 PulauHantu29
PulauHantu29's picture

I guess the EuroBanks read that the Nobel Peace Prize Winner Barry gave The Buffet his very own Medal of Freedom for all his generous help (in getting him re-relected).

Now they want to Tap the Buffet in turn for perhaps 20% return on EuroBonds?

Fri, 09/30/2011 - 14:12 | 1726718 I am a Man I am...
I am a Man I am Forty's picture

cut a check you old sack of shit, get your hand out of my pocket!

Fri, 09/30/2011 - 14:27 | 1726779 Nascent_Variable
Nascent_Variable's picture

I like how Buffett bravely volunteered to join any group that wants to voluntarily give money to the government, if anyone else was to ever choose to start such a group, and if multiple other "ultrarich" people were to join the group before he did, and if...

He's such a bold visionary in the field of pretending to have principles and indicating that you may or may not stick to them, given the right conditions.

Fri, 09/30/2011 - 14:33 | 1726816 I am a Man I am...
I am a Man I am Forty's picture

Exactly, like he just can't do it on his own, just can't, always finds an excuse.

He is so full of shit and so fucking transparent.  Spends his whole life avoiding taxes and now its time for him to be the overlord of other people's money.  Wants other people to give their money to the most irresponsible, crooked, thieving slime balls in the world.

Fri, 09/30/2011 - 14:46 | 1726898 unerman
unerman's picture

Do you make $10 million per year from trading/investing?

No? Then this won't effect you. There will be no hand in your pocked over this tax.

My try to watch something other than Fox "news."

Fri, 09/30/2011 - 15:25 | 1727066 unerman
unerman's picture

Do you make $10 million per year from trading/investing?

No? Then this won't effect you. There will be no hand in your pocked over this tax.

My try to watch something other than Fox "news."

Fri, 09/30/2011 - 15:25 | 1727067 unerman
unerman's picture

Do you make $10 million per year from trading/investing?

No? Then this won't effect you. There will be no hand in your pocked over this tax.

My try to watch something other than Fox "news."

Fri, 09/30/2011 - 15:37 | 1727110 ValidName
ValidName's picture

Crying about tax rates for the upper brackets is best left to an audience with lower income, and we would assume no knowledge of how the tax system really works.   Switching to a system where we all just voluntarily "cut checks" would work fine for me to as long as I designate where the money goes.  But you would cry over that too.

The bottom line is quite simple, if you are making over 300k and paying a higher rate than someone at $30k you are either to inept to hire an accountant, or your accountant is incompetent.

Fri, 09/30/2011 - 14:12 | 1726720 youngman
youngman's picture

Thats funny...no one asked me.....

Fri, 09/30/2011 - 14:13 | 1726724 Dr. Engali
Dr. Engali's picture

I wonder when Margin Stanley asked him for money?

Fri, 09/30/2011 - 14:14 | 1726728 baby_BLYTHE
baby_BLYTHE's picture

So Buffett says we are not in a double-dip recession, but Soros does.

Fri, 09/30/2011 - 14:23 | 1726769 tekhneek
tekhneek's picture

how many billionaires are ever in a recession?

Fri, 09/30/2011 - 14:35 | 1726829 Esso
Esso's picture

No kidding.

Fri, 09/30/2011 - 15:35 | 1727105 AldousHuxley
AldousHuxley's picture

billionaires love recessions: asset fire sales + wage slavery for lower wage so mistresses, maids are cheaper, etc.

Fri, 09/30/2011 - 14:27 | 1726798 kito
kito's picture

not that what soros is saying is wrong on its face, but certainly his comments about a recession and the repubs to blame are politically motivated.

we may be in a "recession", or "not in a recession", who the f knows depends on what measurements one looks at.  but certainly things suck. looks like stagflation for now and big ben is not inclined to shake things up...... 

Fri, 09/30/2011 - 14:52 | 1726923 TheFourthStooge-ing
TheFourthStooge-ing's picture

So Buffett says we are not in a double-dip recession, but Soros does.

Buffett only says that because he knows full well that we're still in the same depression that we've been in for the last few years. That shriveled old nutsack is so full of spin that he needs Depends for his face.

 

Fri, 09/30/2011 - 15:09 | 1726994 brew
brew's picture

the reason we're not going to double dip is because we're still in the first recession...

Fri, 09/30/2011 - 14:14 | 1726729 Motley Fool
Motley Fool's picture

Yeah. The European debt crisis.

Because the fact that Europe has pretty much parity on surplus vs deficit as a region is irrelevant. And that the USA is the worlds largest debtor is also not significant.

Fri, 09/30/2011 - 14:14 | 1726730 nyse
nyse's picture

Can't stand this rat fuck.

Fri, 09/30/2011 - 14:59 | 1726955 Josh Randall
Josh Randall's picture

Buffett = Larry Bud Melman

http://www.youtube.com/watch?v=ou0fZOdrqnw

Fri, 09/30/2011 - 14:15 | 1726732 reader2010
reader2010's picture

What he's saying is that he's gonna install his boy Obama again to bail him out one more time.

Fri, 09/30/2011 - 15:22 | 1727057 X.inf.capt
X.inf.capt's picture

that, and maybe a pardon for all those taxes he owes....

the more i learn here......

Fri, 09/30/2011 - 21:19 | 1727998 RSloane
RSloane's picture

Exactly. Its so transparent yet liberals fawn all over Uncle Warren. Fun to watch, though.

Fri, 09/30/2011 - 14:15 | 1726733 i love cholas
i love cholas's picture

Why doesn't buffet just cut a check to the IRS already and shut his fucking mouth. What's stopping him from paying more?

Fri, 09/30/2011 - 14:49 | 1726913 Rodent Freikorps
Rodent Freikorps's picture

Because it wouldn't do a damn bit of good.

His bullshit was just to give Obama a campaign theme to demagogue.

They wash each other's backs.

Fri, 09/30/2011 - 15:02 | 1726971 bigdumbnugly
bigdumbnugly's picture

so THAT'S why he was in the tub when becky called.

i wonder if his yellow rubber ducky phone has a quack quack ringtone...

 

Fri, 09/30/2011 - 16:36 | 1727392 Rodent Freikorps
Rodent Freikorps's picture

Ménage à three way with Becky being the pivot girl, as usual.

Fri, 09/30/2011 - 18:03 | 1727662 NotApplicable
NotApplicable's picture

Since when does Obummer like girls?

Fri, 09/30/2011 - 14:38 | 1726737 hambone
hambone's picture

Earths Population - 7B

World GDP - $74T

People paid below $2 day - 3.25B

Worldwide Millionaires - 10million

Worldwide Billionaires - 1,000

Current ownership of US assets (2007):

            Business Equity   Fin Securities    Trusts   Stock/MF's   Non-Home RE

top 1%               62%          61%             39%         38%           28%

next 9%             31%          38%              41%         43%           49%

bottom 90%         7%            2%              21%         19%          23%

 http://www.mybudget360.com/dc-and-wall-street-watch-middle-class-burn-wealth-distribution-top-10-percent-control-98-percent-of-financial-securities/

Fri, 09/30/2011 - 15:44 | 1727148 Canuckistan Al
Canuckistan Al's picture

First one to have a Trillion fiatscos WINS!

Fri, 09/30/2011 - 14:16 | 1726738 MsCreant
MsCreant's picture

[In my best Mae West]

Come on over to my bank and see me some time big boy! Oh! Oh!

Is that a bank deposit or are you just happy to see me?

Oh! Oh!

He's the type you have to marry to get rid of!

Oh! Oh!

 

Fri, 09/30/2011 - 14:56 | 1726945 falak pema
falak pema's picture

If the Oh, oh was Ah, ah, I'd be worried. It would mean he had you on the hook...umm...big boy.

Fri, 09/30/2011 - 14:17 | 1726748 TradingJoe
TradingJoe's picture

Although the sage has come of age, he's still "working", somewhat strange! :)))

Fri, 09/30/2011 - 14:22 | 1726767 SheepDog-One
SheepDog-One's picture

Just turn Buffet into Soylent Green already!

Fri, 09/30/2011 - 14:38 | 1726840 Jena
Jena's picture

I think he'd be rather tough and stringy.  Probably require a lotta A1 sauce.

Fri, 09/30/2011 - 14:57 | 1726949 TheFourthStooge-ing
TheFourthStooge-ing's picture

Just turn Buffet into Soylent Green already!

I doubt if he'd even make decent compost.

 

Fri, 09/30/2011 - 15:11 | 1726975 MsCreant
MsCreant's picture

I do not like Warren Buffet, 

SheepDog-One,

I will not eat him,

It would not be fun.

I will not eat him as Solylent Green,

I will not eat him, that is obscene.

I will not eat him here,

I will not eat him there, 

I will not eat him anywhere.

 

I do not like Warren Buffet, 

SheepDog-One,

I will not eat him, Jena,

It would not be fun.

 

Fri, 09/30/2011 - 15:19 | 1727044 X.inf.capt
X.inf.capt's picture

mscreant,

your creativity is awesome.

we love it!

Fri, 09/30/2011 - 14:53 | 1726930 falak pema
falak pema's picture

the question is : is he vintage wine that ages to uber-alles, or is he wine gone sour or tasting of ashes?

Fri, 09/30/2011 - 14:18 | 1726751 Long-John-Silver
Long-John-Silver's picture

Let's all vote for a one time tax Buffet 99% of everything he has. He would still be a Millionnaire. /sarc

Fri, 09/30/2011 - 14:20 | 1726759 kito
kito's picture

interesting to see that buffett feels there is no "double dip" based on his companies.  i would love to see zh put together a post on a compilation of buffett's companies' performances vs what tyler sees as a recession........

Fri, 09/30/2011 - 14:21 | 1726761 SheepDog-One
SheepDog-One's picture

This is just SURREAL! Now the Western Worlds banks are supposedly asking this ONE old FART for money? I never thought I'd see anything as remotely insane as what we're seeing these days....makes a Salvadore Dali painting look totaly common sense and normal.

Fri, 09/30/2011 - 14:23 | 1726770 sgt_doom
sgt_doom's picture

To repeat, the IRS and the US government (the taxpayers) have first call on those billions his company owes in back taxes.

If only Amerika had a media.....

http://www.youtube.com/watch?v=Ccazpyz0RyQ&feature=player_embedded

Fri, 09/30/2011 - 14:40 | 1726790 Mercury
Mercury's picture

See Morgan, J.P.

(the man, not the namesake firm)

Fri, 09/30/2011 - 15:16 | 1727036 NumberNone
NumberNone's picture

Whether real or not, perception is that Buffett won't put his money into something that isn't safe.  When you are drowning like the European banks are, you'll grasp at anything that looks like it might get your head above water...even for a moment.

Fri, 09/30/2011 - 14:23 | 1726774 Gringo Viejo
Gringo Viejo's picture

Sclerotic.

Fri, 09/30/2011 - 14:24 | 1726781 jonan
jonan's picture

to think i used to look up to this jerk for his "investment prowress", thank god for ZH and the truth...he's nothing more than a crony and a theif...

Fri, 09/30/2011 - 20:58 | 1727973 Number 156
Number 156's picture

Q: You know how you spot a crony capitalist?

A: The Billionaire who asks to have taxes raised.

Use this logic, and you positively cannot miss.

Fri, 09/30/2011 - 14:54 | 1726782 Mercury
Mercury's picture

Well say what you want about Buffett but if he's not willing to invest his money in European banks I'm not too happy (as a taxpayer) to be investing mine.

But Buffett should know that the government has a spending problem not a revenue problem.  If the government suddenly got a 25% boost in tax revenues they'd expand to fill that envelope pretty damn quickly and we'd be back in the same position again...but with even bigger numbers.

Not even the super rich should willingly throw good money after bad like that.  It sets a bad example for the rest of us.

Fri, 09/30/2011 - 14:26 | 1726785 fyrebird
fyrebird's picture

I think Buffett was being too clever by half.

I doubt if anyone came to him personally asking for his personal money in their European bank. No they came to him personally to ask him to deposit some US taxpayer money in their European bank. Because the Fed has their hands tied on this one, this time.

Folks, it's all lies. Every word of every sentence of every thing they say every minute of every day. For evar.

But here is one thing you can bank on -- and with your own god-damned money too Sparky -- beyond here there be monsters

Fri, 09/30/2011 - 14:26 | 1726791 NO1HOME
NO1HOME's picture

The Artisan Proraganda Class Citizen will have sway in awaking the wetiko to the revolution.

 

http://www.youtube.com/watch?v=MlG5u4vb_FA&feature=youtube_gdata_player

Fri, 09/30/2011 - 14:28 | 1726799 Zola
Zola's picture

Hey Robo, looks like value is starting to outperform growth ... Doesnt get more bear market than this does it ?

Fri, 09/30/2011 - 14:31 | 1726810 Quinvarius
Quinvarius's picture

Berkshire is collapsing.  Everyihing Buffet does is designed to make you think his stock his safe.

Fri, 09/30/2011 - 14:35 | 1726823 jomama
jomama's picture

i can't wait for this asshole to die already.

Fri, 09/30/2011 - 14:35 | 1726828 Bunga Bunga
Bunga Bunga's picture

Retired army officers broke into Greek defense ministry and occupy it. Defense minister Beglitis warned, he will order their removal.

http://www.keeptalkinggreece.com/2011/09/30/upd-athens-retired-officers-...

Fri, 09/30/2011 - 14:36 | 1726832 Ostapuk Ivano
Ostapuk Ivano's picture

Kodak shares are getting crushed. Take a look at the top mutual fund holders. Hopefully Legg Mason and bill miller go down with them

Fri, 09/30/2011 - 14:39 | 1726850 lolmao500
lolmao500's picture

Buffet destroying Europe one statement at a time.

Fri, 09/30/2011 - 14:51 | 1726919 falak pema
falak pema's picture

even WF can't do that.

Fri, 09/30/2011 - 14:40 | 1726851 intrinsicvalue
intrinsicvalue's picture

Dear Warren, 

How self-righteous do you suppose it is that you think you have the right to make that decision or judgment call for everyone else?  

I suggest after you puree your food and change your Depends you give a watch of this:  http://www.youtube.com/watch?v=661pi6K-8WQ

Sincerely, 

"I-may-not-be-a-billionaire-but-I-understand-capital-formation-better-than-you-do"

Fri, 09/30/2011 - 14:40 | 1726854 Cone of Uncertainty
Cone of Uncertainty's picture

Damn, I hope this douchetard goes down hard.

Fri, 09/30/2011 - 14:42 | 1726865 Cone of Uncertainty
Cone of Uncertainty's picture

And it looks like the late day stock crush is on.

Fri, 09/30/2011 - 14:43 | 1726874 SilverDoctors
SilverDoctors's picture
Eric Sprott Sold 374,012 Shares of PSLV Three Days Prior to Latest Silver Smash!

Interesting that Sprott sold out merely days before the May silver smash, and now again before the Sept silver smash.
Also Interesting how there have been no follow-on physical silver purchases recently as their have been with his gold fund.
What do you think the chances a certain bank is offerring advanced knowledge of their impending silver raids in exchange for relief from further physical purchases?

Fri, 09/30/2011 - 15:11 | 1727008 CharlieSDT
CharlieSDT's picture

Those motherfuckers...

Fri, 09/30/2011 - 15:39 | 1727121 lolmao500
lolmao500's picture

Surprise surprise, insider trading is not a crime in America if you are going the way the elite wants it.

Fri, 09/30/2011 - 16:13 | 1727276 theotheri
theotheri's picture

pump & dump guys. that's what people like sprott do.

Fri, 09/30/2011 - 14:43 | 1726878 Erin_Burnett_fo...
Erin_Burnett_footfetish_society_of_TrentonNJ's picture

Easy to criticise the Oracle for age etc and of course he is > 80, so what? When he made the call at the Mar 09 bottom, those who followed made futures.

Fri, 09/30/2011 - 14:43 | 1726879 THE DORK OF CORK
THE DORK OF CORK's picture

They did not ask me - they just took it.

Fri, 09/30/2011 - 14:46 | 1726881 falak pema
falak pema's picture

Buffet believes in a world model that is dying.The realm of king dollar. As Oligarch of the old world order, those desperate banks, toxic ships transporting the plague, come to him, like BofA did, to bail them out; to clean out their decks of their crap.

One thing is clear : Buffet is not Hercules. He wil never ever clear out the Augean Stables; as that requires a vocation like being in the service of divine Zeus. Which an Oligarch is not. He only serves his own personal interest, until it sinks like the Titanic, if he's dumb; or unless he abandons ship like the unsinkable Molly Brown. I think Buffet is Molly Brown's son...

Fri, 09/30/2011 - 16:52 | 1727464 theotheri
theotheri's picture

He personal interest....donating tens of billions of wealth to worthy charities?  What a corrupted being this Buffett is.  Yes yes. And so dumb as well.  He only managed to amass the greatest fortune of any livinig American in under 60 years, but of course that's besides the point right?

 

Sat, 10/01/2011 - 08:51 | 1727488 falak pema
falak pema's picture

Not at all, he is the unsinkable Molly Brown's son, as i said. It's not his fault that the Titanic is sinking...But he won't save the system inspite of his wealth.

Fri, 09/30/2011 - 14:44 | 1726885 Piranhanoia
Piranhanoia's picture

Why does he acknowledge and try to not quash such a rumor about what amounts to world insolvency,  but let it hang like Michael Jordan?  Think anyone at the fed soiled themselves?

Fri, 09/30/2011 - 14:46 | 1726903 Lazane
Lazane's picture

very crusty old skinflint

Fri, 09/30/2011 - 14:48 | 1726908 vegas
vegas's picture

Buffett is part of the problem, and can't be counted on to be part of any solution. His road to riches has been entirely paved by crony capitalism. He won't invest a dime unless he has "special" government guarantees and other perks nobody else can get. He is nothing more than a vulture cherry-picking carcasses.

Whenever he gets involved in a straight deal, like his other inbred cousin George "I've-never-seen-an-inside-deal-I-didn't-like" Soros, he gets his ass handed to him. Anybody remember his $500 million dollar bet on the Euro @1.50 about a year and a half ago?

Only person who gives a shit about Warren is Becky Quick.

Fri, 09/30/2011 - 14:55 | 1726940 Hustler Elite
Hustler Elite's picture

“It’s a stimulus plan and fiscal stimulus is one piece of the pie in keeping a recovery going.  We have a recovery going.  We are not in a double-dip recession or anything like that."

Old dog showing his Keynesian strips.

Which Berkshire is going to pay dearly for in the long run.

Fri, 09/30/2011 - 15:00 | 1726958 Fíréan
Fíréan's picture

A deceiving headline to an article in which the only relevance to the head line is at the end, Buffet answers to the question:

On whether Berkshire would help bail out lenders in Europe:

“They need capital in their banks, in many of their banks, but they have not called us. Not quite none at all.  We would not be a good prospect.”

 

The whole title is based on that one line and yet has little do with the whole article. I wish that i had not wasted the time to read it.

Fri, 09/30/2011 - 15:00 | 1726961 Blind
Blind's picture

Wait, the clip is cut short~~~ Where are the last two parts? Bloomberg cut it straight away??

Fri, 09/30/2011 - 15:05 | 1726984 doomz78
doomz78's picture

THE usa market down about 1.5% at 1500 hours.  Any bets it rallies to positive by 1600 close????  2 to 1 odds it rallies.  Anyone?  If it does I will lay a golden turd in shock.

Fri, 09/30/2011 - 15:59 | 1727214 doomz78
doomz78's picture

it seems as though I was wrong and the market tanked even further at close.  The golden turd will remain firmly in my ass over the weekend.

Fri, 09/30/2011 - 15:38 | 1727116 azzhatter
azzhatter's picture

The corrupt old fraud sounds like he's going to keel over at any second. He has his story all twisted up but he sure doesn't like that question about sending your money in if you think you're undertaxed. What as asshole

Fri, 09/30/2011 - 15:40 | 1727119 NuYawkFrankie
NuYawkFrankie's picture

 

 

A pain-in-the-a$$ called Buff-et

Told the Euro banks to go stuff-it,

And if you believe him

There's a bridge in Brooklyn,

That he'll sell - or be pushed-off and snuff-it!

Fri, 09/30/2011 - 15:43 | 1727144 lizzy36
lizzy36's picture

Well of course he won't lend to Euro banks.

He has no redline installed in hid bathroom for the 17 EU Finance Ministers, and the head of the ECB, to "assist" him in the decision making process. DUH.

Fri, 09/30/2011 - 15:48 | 1727161 zerozulu
zerozulu's picture

Buffett can buy European banks with his cash because European banks are now worth nothing.

Fri, 09/30/2011 - 16:05 | 1727243 MsCreant
MsCreant's picture

If Buffet's holdings depend on mark to model accounting, then perhaps he too is worth nothing. 

Fri, 09/30/2011 - 16:35 | 1727386 Yen Cross
Yen Cross's picture

 While those centrist ' Numb Skulls'  are at it , why don't they go the full Monty.   Hit AAPL up?   /sarc on...

Fri, 09/30/2011 - 17:29 | 1727579 malek
malek's picture

More self-serving bullshit with a mixed in half-truth.

Fri, 09/30/2011 - 17:33 | 1727588 Grand Supercycle
Grand Supercycle's picture

S&P500 updated chart at blog shows price converging towards apex.

It should drop out of triangle and resumption of downtrend.

http://stockmarket618.wordpress.com

http://twitter.com/grandsupercycle

Fri, 09/30/2011 - 18:26 | 1727705 unununium
unununium's picture

Why does Buffet bring out the worst in ZH'ers?

If you watched the clip, you saw him target HFT bangers and the unfairly low taxes paid by the idle rich.  Suddenly this gets you on the wrong side of ZH?

He says in the clip, if Rupert Murdoch and Michael Bloomberg write big voluntary tax checks to the government, he will too.  Piss in the eye of ZH'ers who (completely unfairly) asked why he wouldn't do that.

Buffet regularly dishes out a merciless shellacking to Wall Street in his annual report. He is a living testimonial to succeeding without hopping into bed with the pig men. 

I've read the critical Buffett biography and sorry, you lose.  This man is one of the good guys.  If you think those don't exist, examine what you are looking at in the mirror.

Fri, 09/30/2011 - 18:27 | 1727707 Landrew
Landrew's picture

Mr. Potter/Buffett says NO DEPRESSION/RESSESSION!

 

Fri, 09/30/2011 - 18:31 | 1727713 bugs_
bugs_'s picture

Uncle Warren's Loan Shark On-Line

Fri, 09/30/2011 - 19:00 | 1727763 apu123
apu123's picture

Maybe Buffet should give BofA some more money so they can keep their website online.  It has been down all day.  Maybe those evil hackers took it down, or maybe they don't want people withdrawing money?  Anybody else know anything about this?

Fri, 09/30/2011 - 20:16 | 1727902 Alpha Monkey
Alpha Monkey's picture

I know BofA is in no rush to fix the atm at my local grocery store.  It's been down for months...  A sign on it says "OUT OF ORDER - Have Contacted BOFA several times"

Fri, 09/30/2011 - 21:03 | 1727977 Number 156
Number 156's picture

Again, Buffet is the perfect image of a crony capitalist. They're the only billionaires jumping in front of any mic or camera asking  to have their taxes raised.

Thats how you spot crony capitalists.

Sat, 10/01/2011 - 04:07 | 1728390 glittering
glittering's picture

 

 

 

 

Over $1 trillion in the bank reserve of the FED as proof that banks are well funded.

Would it be correct to suggest that, most of it is for the $1.25 trillion payment of mortgage backed securities purchases from Fannie Mae and Freddie Mac by the FED and therefore, are in the accounts of Fannie and Freddie?

 

 

Sat, 10/01/2011 - 09:49 | 1728674 anony
anony's picture

I aksed him, too, and he told me the story about giving me a fish and teaching me to fish, then he handed me a coke instead of the bread.

 

Sat, 10/01/2011 - 10:56 | 1728837 Jim B
Jim B's picture

Warren Buckethead STFU!  Pay the taxes you already owe! Loser! 

Do NOT follow this link or you will be banned from the site!