Buffett Profits from Bailout

Charles Piller, in the April 5 The Sacramento Bee article "Financier Buffett benefits from bailout he promoted", writes that Warren Buffett, the world's second-wealthiest person, has also become a top beneficiary of the U.S. government's bailout of the banking industry - a bailout he promoted vigorously.

I find this incredibly troubling. Warren Buffett, who has been praised for his outspoken disdain for the greed and irresponsible behavior that led to the current economic crisis, has quietly received over $95 billion in federal aid through his affiliation with Berkshire Hathaway. As chairman of the company that owns more than 20 percent of Moody's Corporation, a top financial rating agency that has been faulted by many as contributing to the financial crisis by overvaluing toxic mortgage assets, Buffett appears to be playing both sides of this economic debacle and reaping fantastic rewards.

Amid the promise of change it looks like the status quo lives on. Again, Buffett is the second-wealthiest person in the world. The world, people! His fervent advocacy of a bailout program that directly benefits his own stock portfolio is not only unethical in my view, but proves that many of us are in the dark when it comes to the details associated with the bailout of the banking industry.