Writes Richard M. Salsman on Warren Buffett and Other Anti-Rich Capitalists:
Omaha-based billionaire investor Warren Buffet announced this week that he’d invest $5 billion in newly-issued preferred stock of troubled Bank of America (yielding 6%), not unlike the $10 billion he invested in the preferred shares of a shaky Goldman Sachs (yielding 10%) back in 2008. Neither bank would exist today absent the billions-of-dollars in bailouts they got from Washington (taxpayers) or the billions in cheap loans they got from the Federal Reserve. Buffet simultaneously complains that he and other rich Americans are materially under-taxed. But if he had any real integrity on such matters, if Buffet were to practice what he preaches, he’d send his $15 billion to the U.S. Treasury, via PayPal, here. Yet he refuses to do so. Why?
Read the rest in Warren Buffett and Other Anti-Rich Capitalists.