It’s a bit surprising, and possibly even offensive that Warren Buffett is trying to get the most wealthy people in the nation to pay much higher taxes in order to restore the nation’s finances to a much more stable situation.
During 2008, people are accusing Berkshire Hathaway and Warren Buffett of receiving bailout money in order to save their company during the financial meltdown. It is claimed that he made a really great deal that gave his company $95 billion worth of TARP money from the government.
But here’s the real truth. Berkshire Hathaway and many other shareholders of four really large financial institutions, including American Express, Bank of America, Goldman Sachs and Wells Fargo were claimed to all receive their own piece of government TARP funding to stay afloat during the biggest financial crisis that we’ve seen since the Great Depression.
When you add up all the different bailouts, it amounts to $95 billion. But here’s the real kicker. None of that money actually went to Warren Buffett or Berkshire Hathaway. Berkshire and Warren Buffett received absolutely nothing.
But, on the other hand, the employees and shareholders of American Express, Goldman Sachs, Bank of America and Wells Fargo all received benefits from the TARP funds during this very difficult time.
But it’s 100% false to try and blame Berkshire Hathaway and Warren Buffett for taking $95 billion that they didn’t need. And anyone thinking otherwise really isn’t paying attention all that much to the financial world. As a matter of fact, the majority of Americans are possibly illiterate to what is going on financially and economically. This intelligence gap and lack of understanding needs to be corrected some day if America will continue to thrive.