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IAC/InterActiveCorp Message Board

  • kingcpa2000 kingcpa2000 Apr 3, 2003 8:48 AM Flag

    Buffett'insdrs view S/H as patsies

    Buffett said; ��They (Insiders) view Shareholder as patsies, not partners��
    Does that apply here?

    �Bosses Make Off With the Cash�
    �Buffett also returned to a favorite theme �� the shabby ethics of many businesses in the United States �� encapsulated by the tech bubble and the fall of Enron.
    "Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and other higher-ups who fathered these disasters have walked away with extraordinary wealth," he said.
    Buffett repeated his long-held promise that he will never sell any of his 31 percent share in Berkshire, taking the rough with the smooth along with other shareholders. Buffett's stake in Berkshire is worth about $34 billion, which he says is 99 percent of his net worth.
    "Many of these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions," said Buffett, making an implicit criticism of Enron. "To their shame, these business leaders view shareholders as patsies, not partners."
    Enron has become the symbol for shareholder abuse, Buffett said, but "there is no shortage of egregious conduct elsewhere in corporate America," he warned.�
    http://www.foxnews.com/story/0,2933,47533,00.html

    Longs are taking all the risks (for what?) while insiders "make off with the cash"

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