Posted on | August 25, 2011 | 12 Comments
Stop Coddling the Super-Rich, saith the sagebrush of Omaha on 15 August:
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
Oh boo-effing-hoo. Wait, what’s today’s news?
Warren Buffett’s Berkshire Hathaway announced a surprise $5 billion investment in Bank of America Thursday morning, sending shares of the struggling Dow component surging more than 25% in early trading.
So, why don’t you just pour your company’s money into the IRS? Surely, all that matters is keeping the USS Sacred Holy Ideological Theater steaming, right? Later:
Bank of America (BAC, Fortune 500) shares have taken a beating on concerns that the banking giant may need to raise capital to shore up its balance sheet. But the stock made a comeback Wednesday after influential analyst Meredith Whitney said Bank of America wouldn’t need fresh capital.
0:00 / 3:14 BullHorn: Is worst over for BofA?
The bank announced it would lay off 3,500 employees earlier this month, on top of the 2,500 layoffs that the company announced earlier this year.
Buffett’s investment is nearly identical to the $5 billion investment that Buffett made in Goldman Sachs (GS, Fortune 500) in September 2008 at the height of the financial crisis. That was seen as a major endorsement of Goldman’s then at-risk business model. Goldman bought back the preferred shares it issued to Berkshire in that transaction earlier this year.
It would be cool if we could rule out more federal reserve shenanigans. However, until such time as we return to a representative government, we can safely assume the bankers are, once again, financially raping future generations in favor of covering their sad little backsides.
Update II: And Buffet is hosting a BHO fundraiser? Really? Certainly his right, just as it is the right of this blog to consider fundraising for BHO a self-indictmnet. Get bent, Mr. Buffet.