Warren Buffett Profits Heavily from TARP funds

Warren Buffett promoted the Troubled Assets Relief Program (TARP), and lambasted the greed on Wall Street, yet he is one of the main benefactors of the TARP largesse according to a Sacramento Bee story.Buffett endorsed Barack Obama for President last year, and Obama tapped Buffett to be a member of the candidate's economic team. Obama requently referred to Buffett's endorsement during the campaign as proof that he had the capability to deal with the troubled US economy.Buffett's holding company, Berkshire Hathaway, profited from TARP in several ways according the the Bee story:Overall, Berkshire owns more than $13 billion of stock in the top recipients of TARP funds – including Goldman Sachs Group Inc., US Bancorp, American Express Co. and Bank of America Corp., all considered by analysts to be in deep trouble before the federal infusion. The more the bailout props up these financial companies, the more secure Berkshire's investments.That total, The Bee...(Read Full Post)