As regular readers know all too well, there are few people in these United States that I find more disingenuous than the mainstream media celebrated, crony capitalist extraordinaire Warren Buffett. The man who used to warn about trade deficits, the U.S. dollar’s vulnerable position and famously called the derivatives “weapons of mass financial destruction,” has become nothing more than a political stooge for the status quo ever since he was bailed out in the financial crisis. So with the derivatives market bigger and more dangerous than ever, you’d expect “Uncle Warren” to be shouting from the rooftops about how much risk they pose right? Wrong. Rather, America’s number one crony is using derivatives to drive earnings at his company, Berkshire Hathaway, and pimping stocks on CNBC like a cheap used car salesman every other day. From Bloomberg:
Berkshire Hathaway Inc. (BRK/A) said fourth- quarter profit rose 49 percent on gains tied to derivatives wagers made by billionaire Chairman and Chief Executive Officer Warren Buffett.
Net income rose to $4.55 billion, or $2,757 a share, from $3.05 billion, or $1,846, a year earlier, Omaha, Nebraska-based Berkshire said today in a statement. Gains on derivatives surged to $1.4 billion from $163 million.