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TIMOTHY CARNEY: Is BARACK buddy BUFFETT betting on bank bailout? – Washington Examiner

August 29, 2011

Is Barack buddy Buffett betting on bank bailout?

By: Timothy P. Carney | Senior Political Columnist

08/28/11

President Barack Obama presents the 2010 Medal of Freedom to Warren Buffett during a ceremony in the East Room of the White House in in Washington, Tuesday, Feb. 15, 2011. (AP Photo/Pablo Martinez Monsivais)

If you’re looking for proof that Too Big to Fail is still alive, and that Washington won’t leave large financial institutions to the mercies of capitalism, consider billionaire Obama fundraiser Warren Buffett’s $3 billion bet on struggling Bank of America.

Buffett, who recently won plaudits for advocating higher taxes, has spent four years betting on bailouts and big government — and tilting the playing field in that direction by putting his money and prestige at the service of Barack Obama.

Buffett gave the maximum donation to Obama in 2007 — $4,600 to his campaign, and $28,500 to the Democratic National Committee — and also hosted a fundraiser for Obama in Omaha. By mid-2008, Obama had tapped Buffett as an official economic adviser to the campaign.

When Wall Street nearly collapsed in September 2008, Buffett rallied behind the Troubled Asset Relief Program, and bet big on its passage. He put $5 billion into failing investment bank Goldman Sachs. “If I didn’t think the government was going to act, I would not be doing anything this week,” Buffett said on CNBC at the time.

via Is Barack buddy Buffett betting on bank bailout? | Timothy P. Carney | Politics | Washington Examiner.

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