Buffett Demands Finance Law Help Berkshire

P

pspr

Isn't it nice to have connections in high places?

"Among the considerations still in the balance: A big provision being sought by Warren Buffett in recent weeks. A key Senate committee had changed its proposed overhaul of derivatives regulation after lobbying by Mr. Buffett's Berkshire Hathaway Inc., potentially helping the famed investor avoid a financial hit, congressional aides say."

http://online.wsj.com/article/SB100...6252252365076.html?mod=WSJ_hpp_LEFTTopStories
 
Quote from pspr:
......lobbying by Mr. Buffett potentially helping the famed investor avoid a financial hit......
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The most spectacular rags-to-riches-back-to-rags story ever? :confused: :eek: :( :D
 
Quote from nazzdack:

The most spectacular rags-to-riches-back-to-rags story ever? :confused: :eek: :( :D
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He didn't start out in rags. His father was a US Senator, which kinda explains why he went to high school in DC. and a fondness for the Washington Post. He had amassed $10,000 by graduation. In 1948 dollars translates to what?

Hence, there's no rags to go back to. Even if there were, with a net worth of 55 billion, it's a little dubious.

I will say though, a man that labels derivatives as weapons of mass destructiion, probably shouldn't be hedging with them, particularly with unknown counter-parties. I guess he didn't learn his 900 million lesson in forex 3 or 4 years back.
 
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