W. Buffet's business partner; "bankers out of control; high-speed traders evil"

[ErikJ]

Amazing interview with Charlie Munger, long-time Warren Buffet business partner

.......Maybe the only thing that can stop a bad billionaire with a gun, is a good billionaire with a gun

"What Cyprus demonstrates is an old truth: You can't trust bankers to govern themselves," Munger told CNBC. "A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it."
Seeing parallels between Cyprus and Iceland, Munger called it "stark, raving mad" and added that "the bankers would have been doing even more if it hadn't blown up. I do not think you can trust bankers to control themselves. They are like heroin addicts."

[kona808]

1. Meanwhile: Berkshire profit rises 51 percent, shares at record high

And Buffett and Munger donated the obscene excess profits to feed the hungry and shelter the homeless.

OK, I made that last part up.

http://news.yahoo.com/berkshire-hathaway-first-quarter-profit-rises-51-percent-211725044.html

[hrmjustin]

2. Welcome to DU my friend!

[ErikJ]

3. Buffet to donate his entire fortune

Last edited Sat May 4, 2013, 02:14 AM - Edit history (1)

Buffet has pledged to donate his almost entire fortune when he dies. And he is the one behind the "Buffet Tax" which was to raise taxes on investor class billionaires to a top rate of 30% or more from the 15% it was at that time, (now 20%).

Buffett the $3 Billion Gorilla of 2012's Top Givers

Last year's (2012) 15 biggest gifts to charitable causes by American billionaires added up to more than last year's, but of that total more than half came from one man.

Warren Buffett
Wealthy Americans gave $5.1 billion dollars in the 15 biggest charitable donations of 2012, according to the "Chronicle of Philanthropy." But subtract the $3 billion pledged by Warren Buffett, and the total would be far less than last year's $2.6 billion.
The top givers were:
Warren Buffett: $3.09 billion in stock to be divided equally among three foundations run by his children
Mark Zuckerberg: $498.8 million to Silicon Valley Community Foundation to support education and health

http://finance.yahoo.com/news/buffett-3-billion-gorilla-2012s-165558264.html

Buffett to Give Bulk of His Fortune to Gates Charity

......Warren E. Buffett, the chairman of Berkshire Hathaway Inc. and one of the world's wealthiest men, plans to donate the bulk of his $44 billion fortune to the Bill & Melinda Gates Foundation and four other philanthropies starting in July.

The donations, outlined in a series of letters that Mr. Buffett released yesterday and will execute today, represent a singular and historic act of charitable giving that vaults him into the top tier of industrialists and entrepreneurs like Andrew Carnegie, John D. Rockefeller Sr., Henry Ford, J. Paul Getty, W. K. Kellogg and Mr. Gates himself, all men whose fortunes have endowed some of the world's richest private foundations.

Mr. Buffett plans to give away 85 percent of his fortune, or about $37.4 billion, all in Berkshire stock. Of that amount, he will channel the greatest share, about $31 billion, into the Gates Foundation. The Gates Foundation, dedicated to improving health and education, especially in poor nations, is already the United States' largest grant-making foundation, with current assets of almost $30 billion. Mr. Buffett's huge contribution may permanently solidify that philanthropy's standing as the biggest and most influential organization of its kind. Mr. Buffett will join Mr. and Mrs. Gates as a trustee of their foundation.

[CJCRANE]

4. What he said is just common sense.

It's not "out there" at all.

More people in the public eye need to state the obvious.

[ErikJ]

5. "The only thing that can stop a bad billionaire with a gun, is a good billionaire with a gun"

Buffet has a HUGE audience of followers that worship him. They call him the oracle of Omaha. They have this thing called "Buffet Watch" every year on CNBC and other things about Buffet. Every year he comes out with a report about his company Berkshire which he uses to slam somebody in govt or business.

If his very close right-hand man is saying stuff like this, which I'm sure Buffet believes as well, maybe the US has a chance yet.