Waren Buffet Earns 900 Dollars Per Minute Thanks To Goldman Sachs Investment

[SAMSON123]

Buffett Under Fire For Goldman Ties

by Scott Patterson and Susan Pulliam
Friday, April 30, 2010



Soon after the Securities and Exchange Commission sued Goldman Sachs Group Inc. (NYSE: GS - News) alleging fraud, Goldman Chief Executive Lloyd Blankfein asked Warren Buffett for tips on how to handle the explosive situation, according to people familiar with the matter.
WSJ.com:


Mr. Buffett, whose Berkshire Hathaway Inc. (NYSE: BRK-A - News) invested $5 billion in Goldman at the height of the financial crisis, told Mr. Blankfein he would let him know if he came up with any good ideas.

Berkshire shareholders heading to Omaha, Neb., this weekend may soon get a view into Mr. Buffett's thinking. "I expect to get multiple questions about Goldman and I'll give extensive and complete replies," he said in an interview Thursday.

Charlie Munger, Mr. Buffett's longtime business partner at Berkshire's helm who shares the stage with him at the meeting, will likely have some choice words for Wall Street.


While Mr. Munger thinks Goldman did nothing illegal, the firm was engaged in "socially undesirable" activities, he said in an interview after the SEC lawsuit was filed.

"They were very competitive in maximizing profits in a competitive industry that was permitted to operate like a gambling casino," Mr. Munger said. "The whole damn industry lost its moral moorings."

He added that he believes Goldman is "more prudent and ethical" than other big Wall Street banks.

Goldman didn't comment. Late Thursday, The Wall Street Journal reported that the U.S. Attorney's Office in Manhattan is conducting a criminal probe into the bank's mortgage trading.

The SEC alleges that Goldman defrauded investors when it created a mortgage investment with the help of a bearish hedge fund and failed to disclose the fund's role and position. The bank has denied wrongdoing.

The suit is potentially of special concern to Mr. Buffett, known for his ethical standards. Ever since he was a small-town money manager in Omaha, where he has lived most of his life, he has lambasted the aggressive, self-serving tactics of Wall Street's banking elite.

It was Mr. Buffett's reputation and leadership that helped save another Wall Street investment bank, Salomon Brothers, from the brink of collapse when it was embroiled in a bid-rigging scandal involving Treasury bonds.

Mr. Buffett seized the reins at Salomon in 1991 and steered it through the crisis (it was bought by Citigroup). In testimony before Congress on the events then, Mr. Buffett said he wanted Salomon employees "to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper."

When Berkshire's Goldman deal was announced in September 2008, Mr. Buffett indicated that his investment was based in part on his belief in the quality of Goldman's management, including Mr. Blankfein. Several top managers, including Mr. Blankfein, were grilled by Congress this week regarding the SEC lawsuit and, more broadly, the firm's loyalty to clients.

Speaking of Mr. Blankfein on Thursday, Mr. Buffett said: "I first met him some years before our investment and have gotten to know him well. I was obviously impressed with him." He added that he has known every head of Goldman since Gus Levy led the firm more than three decades ago.

Mr. Buffett continues to earn huge profits from his Goldman investment, which pours more than $900 a minute into Berkshire's coffers, or $500 million a year. "If he could do [the Goldman investment] again he'd do it in a heartbeat," said Glenn Tongue, a partner with T2 Partners, a New York hedge fund that owns Berkshire shares.

Another issue that could emerge at the meeting: Mr. Buffett's views on financial regulation. Mr. Buffett himself has been drawn into the clash as his hometown senator, Democrat Ben Nelson, has broken ranks with his party, partly to oppose a provision Berkshire also has fought. The proposal, which concerns derivative contracts, could force Berkshire to set aside billions in collateral for a number of contracts the firm has written in recent years. Other companies also could find themselves on the hook to post more collateral.

Berkshire executive David Sokol met with lawmakers on Capitol Hill to try to get the provision struck from the bill. Mr. Buffett has made a number of campaign contributions to Mr. Nelson and the men are longtime friends.

In a statement Wednesday, Mr. Nelson said he objects to the amendment because he feels it is wrong for any company. The provision "may affect several hundred major American businesses, including Nebraska's own Berkshire Hathaway, and other Nebraska businesses as well," the statement said.

Despite such issues, investors heading to Omaha say they expect a return to the upbeat atmosphere of previous years. The 2009 meeting was a relatively subdued affair as investors grappled with a crippling recession.

But in the past year, Mr. Buffett made his biggest deal, the $26 billion purchase of what Berkshire didn't own of railroad Burlington Northern Santa Fe.

In February, Berkshire became a component of the S&P 500 index, a result of a stock split carried out for the Burlington purchase. The split made owning Berkshire stock a possibility for many smaller investors.

[Fury]

What's the point of this? To commend him for recognizing an incredible business opportunity? Looks like his massive stock purchase is paying off.

[Bindare_Dundat]

What's the point of this? To commend him for recognizing an incredible business opportunity? Looks like his massive stock purchase is paying off.

Warren "the weasel" Buffet has been saved plenty of times thanks to his buddy's in Washington.

[Fury]

Warren "the weasel" Buffet has been saved plenty of times thanks to his buddy's in Washington.

Warren Buffet invested his own money in GS after seeing a good investment opportunity. I'm guessing that seems hard for you to understand given your scant economic knowledge.

[SAMSON123]

Warren Buffet invested his own money in GS after seeing a good investment opportunity. I'm guessing that seems hard for you to understand given your scant economic knowledge.

OH Please EL CHAPO...fill our minds with your economic expertise so we can all have a side busting laugh....

[Fury]

OH Please EL CHAPO...fill our minds with your economic expertise so we can all have a side busting laugh....

You want a side busting laugh? How about you acting like you passed sixth grade physics.

You have added nothing to this discussion. The point is this is an actual project by NASA, NOT A CONSPIRACY THEORY. As I said and the article says, the first attempt to detonate Jupiter occurred in 2003...produced an earth sized explosion but no blazing fireball. Second attempt now involves more plutonium on a smaller planet with a different chemistry. TO give the hypothesis you gave about necessary factors for an explosion to occurs on earth is just that A HYPOTHESIS, as the factors of earth are entirely different than Jupiter or Saturn. How radioactive reactions occur in space, on planets with massive gravities, different chemistry, incredible atmospheric pressures etc etc...could be the difference between a big KABOOM or a big SILENCE. Nonetheless the point in my article is not that the KABOOM could or could not happen, but the fact that MAD MEN are trying to bring this to fruition.

LOL!

The funniest part is that there are at least half a dozen more quotes from that thread that are just as hilarious as this one.

[Bindare_Dundat]

Warren Buffet invested his own money in GS after seeing a good investment opportunity. I'm guessing that seems hard for you to understand given your scant economic knowledge.

I never said he was a completely shitty investor but its a reported fact that he has people in Washington pulling strings and making exceptions for him all the time. He's been saved from losing money more than once by his chums and that is something most others (99%) don't get the benefit of.

[SAMSON123]

You want a side busting laugh? How about you acting like you passed sixth grade physics.

LOL!

The funniest part is that there are at least half a dozen more quotes from that thread that are just as hilarious as this one.

The laughable part is a school drop out like yourself living in a dirty roach and cat filled trailer actually thinking you are intelligent enough to hold any kind of conversation on any topic.Maybe your EL CHAPO gimmick is more intelligent. Try bringing him to the forefront again. And while you are at it make sure you expound on us your great wisdom in Economics...and after you do that lets hear some knowledge on physics.... I posed questions to you befoer that you NEVER answered.

I just want to laugh until my side hurts hearing some illiterate, shmoe who stalks the message boards, inform the educated on what he only wish he knew.
yuk yuk yuk

Now go ahead...I am waiting on the Economics part first... You should be good with economics from balancing your welfare checks..

[Fury]

Hahaha, an engineer who doesn't understand physics. Now I've seen it all!

You have added nothing to this discussion. The point is this is an actual project by NASA, NOT A CONSPIRACY THEORY. As I said and the article says, the first attempt to detonate Jupiter occurred in 2003...produced an earth sized explosion but no blazing fireball. Second attempt now involves more plutonium on a smaller planet with a different chemistry. TO give the hypothesis you gave about necessary factors for an explosion to occurs on earth is just that A HYPOTHESIS, as the factors of earth are entirely different than Jupiter or Saturn. How radioactive reactions occur in space, on planets with massive gravities, different chemistry, incredible atmospheric pressures etc etc...could be the difference between a big KABOOM or a big SILENCE. Nonetheless the point in my article is not that the KABOOM could or could not happen, but the fact that MAD MEN are trying to bring this to fruition.

You have added nothing to this discussion. The point is this is an actual project by NASA, NOT A CONSPIRACY THEORY. As I said and the article says, the first attempt to detonate Jupiter occurred in 2003...produced an earth sized explosion but no blazing fireball. Second attempt now involves more plutonium on a smaller planet with a different chemistry. TO give the hypothesis you gave about necessary factors for an explosion to occurs on earth is just that A HYPOTHESIS, as the factors of earth are entirely different than Jupiter or Saturn. How radioactive reactions occur in space, on planets with massive gravities, different chemistry, incredible atmospheric pressures etc etc...could be the difference between a big KABOOM or a big SILENCE. Nonetheless the point in my article is not that the KABOOM could or could not happen, but the fact that MAD MEN are trying to bring this to fruition.

You have added nothing to this discussion. The point is this is an actual project by NASA, NOT A CONSPIRACY THEORY. As I said and the article says, the first attempt to detonate Jupiter occurred in 2003...produced an earth sized explosion but no blazing fireball. Second attempt now involves more plutonium on a smaller planet with a different chemistry. TO give the hypothesis you gave about necessary factors for an explosion to occurs on earth is just that A HYPOTHESIS, as the factors of earth are entirely different than Jupiter or Saturn. How radioactive reactions occur in space, on planets with massive gravities, different chemistry, incredible atmospheric pressures etc etc...could be the difference between a big KABOOM or a big SILENCE. Nonetheless the point in my article is not that the KABOOM could or could not happen, but the fact that MAD MEN are trying to bring this to fruition.

You have added nothing to this discussion. The point is this is an actual project by NASA, NOT A CONSPIRACY THEORY. As I said and the article says, the first attempt to detonate Jupiter occurred in 2003...produced an earth sized explosion but no blazing fireball. Second attempt now involves more plutonium on a smaller planet with a different chemistry. TO give the hypothesis you gave about necessary factors for an explosion to occurs on earth is just that A HYPOTHESIS, as the factors of earth are entirely different than Jupiter or Saturn. How radioactive reactions occur in space, on planets with massive gravities, different chemistry, incredible atmospheric pressures etc etc...could be the difference between a big KABOOM or a big SILENCE. Nonetheless the point in my article is not that the KABOOM could or could not happen, but the fact that MAD MEN are trying to bring this to fruition.

LOL!







Why did you run around from the volcano hoax thread? It's hilarious how fast you disappear anytime you're asked to refute a point with hard evidence and not rambling, incoherent nerd rage meltdowns.

[SAMSON123]

Hahaha, an engineer who doesn't understand physics. Now I've seen it all!

LOL!

Now that I re-read my posts on the whole impossibility of physics being uniform throughout the universe, the more of an idiot you are in not knowing this. I am glad you reposted this...makes you look like the fool.

Nonetheless you still have not answered the questions regarding Economics or Physics...Could it be your lack of education is showing??? Hmm? If not I am waiting on answers

And so far as the volcano thread goes/went...I made my point. I have learned in life never to argue with a fool. If he says teh sky is yellow let him believe it...it will only work to his demise.

[Fury]

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

Hahahaha. It just keeps getting better! Nice job editing your post from "Cassini" to that crap you just regurgitated.

You might be the first person to have earned an engineering degree without having actually attended college. The internet and google are such fascinating things. Unfortunately, as technologically advanced as the internet is, it's still incapable of curing mental retardation.  

Again, why did you run from the Volcano hoax thread? You were asked to provide evidence and took off like a scared little bitch. What's the matter? Your CT sites couldn't refute photographic evidence, Jag?

[SAMSON123]

Hahahaha. It just keeps getting better! Nice job editing your post from "Cassini" to that crap you just regurgitated.

You might be the first person to have earned an engineering degree without having actually attended college. The internet and google are such fascinating things. Unfortunately, as technologically advanced as the internet is, it's still incapable of curing mental retardation.  

Again, why did you run from the Volcano hoax thread? You were asked to provide evidence and took off like a scared little bitch. What's the matter? Your CT sites couldn't refute photographic evidence, Jag?

Just answer the economics question please....and then give a short excerpt on physics...I am waiting..

[Fury]

Just answer the economics question please....and then give a short excerpt on physics...I am waiting..

Why would I answer your question when you've spent the last 72 hours avoiding mine? I even sent you a PM bringing to light the fact that you're avoiding the thread. You not responding to my PM and still avoiding the thread after the bitch slapping you got just shows that even you know your bluff was called. Should I bend over backwards while you avoid a thread like a little coward? No, I think not, SamsonEnterprises.

You claimed to have a master's in engineering and can't understand basic physics concepts. Not much more needs to be said. 

If Luke can not understand the difference between earth and one of the gas giants then there is little I can do to make him understand that what is possible on earth is IMPOSSIBLE on the gas giants. The sun is not merely some ball of gas burning in space. Hydrogen, Oxygen, Methane are highly explosive on earth in an oxygen rich environment but in space they are inert gases. To assume the criteria for a reaction on earth will work on another planet of different physical characteristics and properties is foolish....

LOL!

[Skip8282]

Now that I re-read my posts on the whole impossibility of physics being uniform throughout the universe, the more of an idiot you are in not knowing this. I am glad you reposted this...makes you look like the fool.

LMFAO!  In case you haven't realized it, you're looking like the fool, Jag...

[Eyeball Chambers]

What's the point of this? To commend him for recognizing an incredible business opportunity? Looks like his massive stock purchase is paying off.

Exactly...

[SAMSON123]

Exactly...

You are not taking into consideration that Buffet is an insider and that being he knew in advance the whole Goldman Sachs scheme to defraud not only investors in america, but WORLD WIDE. On the surface it looks innocuous, but just below the surface it is another ponzi scheme, another defrauding, another crime that has been carried out on people costing jobs, investments, companies, even whole countries (Iceland, Spain, Italy, Portugal, Greece, America and even the giants like Japan, China, Germany) to lose everything and at the very least shake their economies. Once again...only because the government of america sponsors a lot, you ..RIGHT NOW...are not feeling what the rest of the world is feeling, but soon american government will not be able to keep paying to keep merchandise cheap, paying to bail out banks, insurance companies and Wall Street firms. You will see empty supermarkets, loss of or lack completely services like electricity, gas, oil; you will see the cost of products sky rocket as companies try and survive the economic loss by charging people  ridiculous prices and fees. At that time the reality will hit you an you will understand that there is a difference between someone who honestly invests and succeeds as opposed to someone like this guy, who like a hen looks to gather wealth underneath him as though it will benefit him. Buffet is an old man who is going no where and is enjoying nothing. At best with the BILLIONS in his coffers he can only contribute to foundations, organizations, non profits and groups in need. His years before him are far shorter than the years behind him, so looking to accumulate more and more is silly at best. What he has now will last him many many lifetimes of which he does not have and hearing him talk about investing or why he invested in this or that is sickening to my ears.

What will he do with this money?
What will he invest it in (without looking for returns)?
How is the economic situation effecting his mindset?
Does he even give a damn that his profits are made on the backs of so many who have lost so much?

I don't envy or worship the guy like many do. Money is to be used to some good end, not hoarded up like a squirrel and nuts.

[quadzilla456]

Warren Buffet invested his own money in GS after seeing a good investment opportunity. I'm guessing that seems hard for you to understand given your scant economic knowledge.

Buffett knows how the market is controlled a lot better than you do. He has inside info. He was probably assured by politicians and banks that his investment would pay off because of Goldman's high frequency trading computer that would control the stock prices.

Bottom line is yes Buffet made a lot of "money". Only time will tell how much that money is really worth. Is it really backed by anything or is it phantom fake Weimar money??

[24KT]

I never said he was a completely shitty investor but its a reported fact that he has people in Washington pulling strings and making exceptions for him all the time. He's been saved from losing money more than once by his chums and that is something most others (99%) don't get the benefit of.

It's not Warren Buffet that they're saving... it's their own damned investments they're looking out for.
They couldn't give a poop about Buffet, ...but they're all invested with him. The more he makes the more they make.

[24KT]

LMFAO!  In case you haven't realized it, you're looking like the fool, Jag...

Hey I'm only just seeing this thread now. tHis is my 2nd post in the entire thing.
If you think I'm Samson... you're the fool. 

[24KT]

I don't envy or worship the guy like many do. Money is to be used to some good end, not hoarded up like a squirrel and nuts.

I had heard that about Buffet. I don't know if it's true, but I heard he lives a very frugal "middle class" lifestyle.
I have to wonder about people like that. They have all the money in the world and can afford the very best,
...but their eyes light up over the Kmart blue light special.

I'm not saying people should be greedy and live lives of excessive gluttony or indulgence, ...but geez louise, if you got it, at least use some of it. Despite all his faults at least a guy like Robert Mugabe knows how to get a little enjoyment out of the money he spends. Have you seen his place? That would almost be worth having to move to Africa.

[Skip8282]

Hey I'm only just seeing this thread now. tHis is my 2nd post in the entire thing.
If you think I'm Samson... you're the fool. 

What do you care or what business is it of yours how he spends his money.  He's already said he's giving it away to charity via the Gates Foundation.  How terrible he's not using it to live lavishly. 

[SAMSON123]

What do you care or what business is it of yours how he spends his money.  He's already said he's giving it away to charity via the Gates Foundation.  How terrible he's not using it to live lavishly. 

Why would a multi BILLIONAIRE give his money away to another multi BILLIONAIRE...Hmmmmm?

In all honesty why rack up Billions only to GIVE IT AWAY?!?!!?!!?!?...Makes it sound as though he is working for Bill Gates.

[Fury]

Hey I'm only just seeing this thread now. tHis is my 2nd post in the entire thing.
If you think I'm Samson... you're the fool. 

Hahahahaha! Still denying it. How sad.

[Skip8282]

Why would a multi BILLIONAIRE give his money away to another multi BILLIONAIRE...Hmmmmm?

In all honesty why rack up Billions only to GIVE IT AWAY?!?!!?!!?!?...Makes it sound as though he is working for Bill Gates.

What difference does it make?  Maybe he thinks Gates is doing a good job.  Or is that not nefarious enough for you, huh?  No secret sinister plot.  No outer space battles.  No reptiles walking around as humans.  Or perhaps you just can't figure out how to spin this to make it look as though you are "in the know"...

[Benny B]

Warren Buffet invested his own money in GS after seeing a good investment opportunity. I'm guessing that seems hard for you to understand given your scant economic knowledge.

LOL
Yes BF, Ziggy is once again out of his element.