Warren Watch: A 'political genius' (Baptist and Bootlegger) review: "Throw Them All Out"

[Omaha Steve]

http://www.omaha.com/article/20111120/MONEY/711209907

By Steve Jordon
WORLD-HERALD STAFF WRITER

Published Sunday November 20, 2011

Photo: http://www.omaha.com/apps/pbcsi.dll/bilde?Site=OW&Date=20111120&Category=MONEY&ArtNo=711209907&Ref=AR&maxw=490&maxh=275

Peter Schweizer's new book, "Throw Them All Out" (Houghton Mifflin Harcourt, 211 pages, $26) mostly goes after members of Congress for profiting from inside information and making investments that are legal for them but would be illegal for almost anyone else.

But Chapter 6 is titled, "Warren Buffett: Baptist and Bootlegger."

Buffett is neither an actual Baptist nor a bootlegger, of course. Schweizer's reference is to the alliance of churchgoers and illegal marketers of liquor who both favored laws to limit the legal sale of alcohol, although for different reasons.

Schweizer wrote that during the 2008-09 financial crisis, Buffett pushed for government action and called attention to the problems, looking like a noble Baptist, but profited from the bailouts, like a bootlegger, through investments in Goldman Sachs, General Electric, Wells Fargo and other financial companies.

"Buffett needed the bailout," Schweizer wrote. "He began immediately to campaign for the $700 billion TARP rescue plan that was being hammered together in Washington." Several senators, including Ben Nelson, D-Neb., are Berkshire shareholders, Schweizer wrote, "and they had to know that passing the bailout bill would bring big returns for their Berkshire stock."

FULL story and another photo at link.

[Cirque du So-What]

1. Shame that Warren Buffett is worshiped in some quarters

and that some of those quarters are close to home. His statements advocating higher taxes on the rich do not make up for years of perpetuating a cycle of manipulation and profiteering IMO. Calling for a truly progressive tax structure does not negate the fact that Warren Buffett is not our friend.

[unblock]

2. i put him in the lesser evil / strange bedfellows category

yeah, he sometimes comes off as a decent guy only because the obvious comparisons are to evil incarnate such as the kochs and the law-brats.

[roguevalley]

3. he's always been an insufferable dipshit with a pr firm reworking

his flab.

[Omaha Steve]

4. Kick