Don’t let Warren Buffett fool you with his country bumpkin demeanor. Warren Buffett is a cold hearted jobs killer. Buffett is no different than Gordon Gekko and Sir Larry Wildman from the movie, “Wall Street”. The average American couldn’t touch the sweetheart deal he got in his $5 Billion Dollar investment in Bank of America on August 25, 2011:
Thursday’s deal came together with extraordinary speed and secrecy. Mr. Buffett has a reputation as a savior for companies in trouble, like a $5 billion investment in Goldman Sachs after the collapse of Lehman in 2008. Less than 24 hours after Mr. Buffett’s call to Mr. Moynihan to propose the investment at 11 a.m. Wednesday, the bank’s board met by phone at 7 a.m. Thursday to approve it.
Mr. Buffett’s investment entitles him to $300 million a year in interest and the right to buy 700 million shares of the company at $7.14 each — already a bargain with the stock closing at $7.65 on Thursday.
Warren Buffett threw a lifeline to Bank of America this morning with a $5 billion investment. And for the world’s third-richest man, the investment already is paying off.
His investment came with warrants to buy 700 million BofA shares at about $7.14 each. Those warrants– thanks to Buffett’s investment — have made Buffett a $700 million paper profit in the first 30 minutes of trading.
The paper profit doesn’t include the $250 million in gains Buffett is guaranteed from Bank of America. The banking giant must repay Buffett’s $5 billion, plus a 5% premium, at any time. And he’s being paid $300 million in annual dividends by Bank of America.
In short, just being Buffett makes the rich man already richer. This is one more reason you, dear investor, are not Warren Buffett. He gets sweetheart deals most investors cannot.
As our colleague Jason Zweig wrote, “Mr. Buffett has succeeded not through investing prowess alone, but also through exclusive deals that have come to him because of it.”
When you hear that old Warren Buffett is investing billions in a company, don’t think he is investing like an average American, the media usually doesn’t report what Buffett gets in return.
But we know how the Wall Street game works, that is not the story, the real story is that Mr. Buffett is not some nice guy calling for higher taxes on the rich for no reason. A few weeks after playing the role of nice old rich Uncle Warren and touting Obama’s tax the rich plans, he gets this ultra sweetheart deal with Bank of America, coincidence, War69.com thinks not.
You see Warren Buffet doesn’t care about middle class Americans, he doesn’t care about jobs, he cares about his money, don’t let the appearance fool you, he is a cold hearted jobs killer, Buffett is a profits before people and jobs person.
One month after his B of A deal and guess what, Bank of America fired 30,000 employees:
Bank of America Corp. (BAC), the biggest U.S. lender by assets, will eliminate 30,000 jobs in the next few years as part of Chief Executive Officer Brian T. Moynihan’s plan to bolster profit and the company’s stock.
The reductions, equal to about 10 percent of the staff, are part of an overhaul that aims to remove about $5 billion in annual costs by the end of 2013. Moynihan’s plan, dubbed Project New BAC, included a management shakeup last week that elevated Thomas K. Montag and David Darnell to co-chief operating officers and left Sallie Krawcheck and Joe Price without jobs.
“We don’t have to be the biggest company out there, we have to be the best,” Moynihan said today at a New York investor conference. “We can get out of things we don’t need to do, make the company leaner, more straightforward, more driven.”
Warren Buffett is a billionaire, War69.com celebrates that, we just don’t like phoneys, Mr. Buffett celebrate your Greed, wear the Armani suits, drive the Ferrari’s or Maserati’s, own your shit, don’t pretend your some country bumpkin nice guy, you are the primo Jobs Killer.
No. This time I’m in for the long
term. This is not a liquidation,
Gordon. I’m going to turn it around.
You’re getting a free ride on my
tail, mate, and with the dollars
you’re costing me to buy back the
stock, I could modernize the plant.
I’m not the only one who pays here
Gordon. We’re talking about lives
and jobs; three and four generations
of steel workers…
A strong hint of the cockney working class east and London
boy whiffing through his speech and manner. The “mate” is
tough and to the point but not insulting…
(has to smile)
You must be wearing a mask you’re
laughing so hard behind it Larry.
Let’s cut the “sir” crap. Correct
me if I’m wrong, but when you took
CNX Electronics, you laid off 8,000
workers, Jessmon Fruit about 6,000,
I could break you, mate, in two
pieces over my knees, you know it,
I know it, I could buy you six
times ever, I could dump the stock
just to burn your ass but I happen
to want the company and I want your
block of shares. I’m announcing a
tender offer at 65 tomorrow, and
I’m expecting your commitment.