Howard Buffett: On ‘Class Warfare’ …The Disparity Has Never, Repeat Never Been Greater Between Rich and Poor.

Posted By on October 12, 2011

Warren Buffett’s son Howard speaks his mind…on class warfare, the disparity has never been greater.  The wealthiest 1% of all Americans now own more than a third of all the wealth in the United States.The poorest 50% of all Americans collectively own just 2.5% of all the wealth in the United States.

From Bloomberg:

Howard Buffett, the Berkshire Hathaway Inc. (BRK/A) director and son of Chairman Warren Buffett, said Wall Street protesters were provoked by abuses from corporations amid a widening disparity between rich and poor.  Over the past 15 years, “we saw large corporations really screw people.”

“There has never been a larger gap between earnings in this country,” said Howard Buffett, who was in Des Moines to deliver a speech at the World Food Prize conference. “There has never been a time in my lifetime when the government is going to cut an incredible amount of programs that support poor people and feed them.”

“There has been class warfare going on,” Warren Buffett, 81, said in a Sept. 30 interview with Charlie Rose on PBS. “It’s just that my class is winning. And my class isn’t just winning, I mean we’re killing them.”

Warren Buffett has backed some of the biggest financial firms while chiding bankers for excesses in risk-taking and compensation. Omaha, Nebraska-based Berkshire invested $700 million in Salomon Inc. in 1987, $5 billion in Goldman Sachs Group Inc. in 2008 and $5 billion in Bank of America this year. Buffett, the father, has compared Wall Street to “a church that’s running raffles on the weekend.”

Wall Street “does a lot of good things and then it has this casino,” Buffett said in October 2010. “One of the problems we still have is we have unbalanced incentives for managers of huge financial institutions.”

Blackrock Chief Executive Officer Laurence D. Fink and Jim Chanos of hedge fund Kynikos Associates said this month they understand the anger directed at financial companies. Bill Gross, who runs the biggest bond fund at Pacific Investment Management Co., said in a Twitter post that wage earners are fighting back after three decades of class warfare in which they were “being shot at.” Citigroup CEO Vikram Pandit said yesterday he’d be happy to talk with protesters.

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