I just was reading this Time Swampland article on Warren Buffett and his fight with Republicans over the fairness of the tax system.
After reading this article about a true job creator and investor after watching "When Mitt Came To Town" it struck me how polar opposite Warren Buffett is from Willard Romney. Warren Buffett is the true capitalist who rescues companies and invests in them for the long run while we have all now seen that Willard is the Gordon Gekko type vulture capitalist to whom the whole thing is a game to be won regardless of the businesses, communities and lives destroyed.
I missed this quote from an earlier Fortune article, but it is clear to me that Mr. Buffett "gets it":
As Buffett wrote in Fortune a few years back, “I’ve worked in an economy that rewards someone who saves the lives of others on a battlefield with a medal, rewards a great teacher with thank-you notes from parents, but rewards those who can detect the mispricing of securities with sums reaching into the billions.”
Read more: http://swampland.time.com/...
You might ask what is his take on Romney's time at Bain?
When I ask whether Mitt Romney is a job creator or destroyer, Buffett says that while businesses shouldn’t keep people they don’t need, “I don’t like what private-equity firms do in terms of taking out every dime they can and leveraging [companies] up so that they really aren’t equipped, in some cases, for the future.”
Read more: http://swampland.time.com/...
I'd say the Oracle of Omaha knows a vulture capitalist when he sees one. It must really irritate Republicans that one of the most successful investors of all time is thoughtful and is able to show empathy for others.
Buffett has said for many years that he doesn't believe in family dynasties and has indicated that the bulk of his estate will go to charity. I also have a lot of respect for Bill Gates in this respect as well - he is using his money to try to make the world a better place even though I may disagree with some of the charitable investments he makes.
I guess the point of this whole diary is that there is nothing wrong with making lots of money and living high off the hog, but you don't do it by "pump and dump", "creative destruction", "pillage and loot" or "bait-and-switch" financial shenanigans.