Ed: I'd like to observe that not all that long ago, I went after Warren and got a rather stern "rebuke" of sorts from Janet, who engaged with me (via email) in a quite-spirited defense of Mr. Buffett.
My, how the worm turns.... welcome to the conclusion I reached months ago Janet.... I still love 'ya!
TSF – Opinion Commentary – November 23, 2009
I like Warren Buffett. I even wrote a book about the financial crisis contrasting his principles of prudent finance with recent excessive leverage, bad lending, and malfeasance (Dear Mr. Buffett). Buffett is not a regulator, an altruist, a consumer advocate, or an elected official. As CEO and largest shareholder of Berkshire Hathaway, his goal is to maximize shareholder value.
U.S. capitalism has morphed into a financial oligarchy. If Buffett’s choice is between getting along in the financial community or the public interest, public interest loses. But he didn’t cause our financial crisis, and he spoke out in advance about excessive leverage and bad lending. The financial markets are now wildly distorted. Others have funding advantages Buffett can only dream about, so he exploits an advantage when it becomes available.
I have been a trenchant critic of rampant financial malfeasance, and Buffett has only wished me well and told me to “keep writing.” For my part, I try to keep in mind that we view the world through different lenses.
(Click the link above for the rest... it's worth it.)
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