Warren Buffett's Seven Biggest Moments In The Limelight

Warren Buffett's actions might not be predictable, but people certainly do take notice of them. His investments are mimicked, his remarks publicized and his opinions sought by people no less powerful than the president himself.

Indeed,the so-called Oracle of Omaha's most recent $5 billion investment in a troubled Bank of America is only the latest high-profile deed in Buffett's long contrarian track record. In 1965, for example, he invested in an American Express wracked by scandal. More recently, Buffett flat out rejected Standard & Poor's assessment of U.S. credit has even said that as a billionaire he should pay more taxes.

In the end, though, Warren Buffett's most attractive quality may be his seemingly eternal optimism. "All those people who think the world is going to end" Buffett reportedly told CNBC's Becky Quick on Wednesday. "I think they're wrong."

Here are seven of Warren Buffett's most memorable newsmakers:

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1964: Investment In American Express

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In 1964, Warren Buffett purchased shares of an American Express wracked by the "salad oil scandal." The purchases would go on to net him $3.7 Billion, according to 24/7 Wall St. The move would later be compared to his more recent investments in Goldman Sachs and Bank of America.

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In 1964, Warren Buffett purchased shares of an American Express wracked by the "salad oil scandal." The purchases would go on to net him $3.7 Billion, according to 24/7 Wall St. The move would later be compared to his more recent investments in Goldman Sachs and Bank of America.

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Comments

[Mai Garcia]

12:31 AM on 09/16/2011

Warren Buffett makes some great points about the national debt, I can't even pay my credit cards off no matter how hard I try! Why should middle class people have to take on so much of the tax burden?

[Freedland]

04:07 PM on 09/15/2011

Buffett does not take a large salary that would be taxed at high levels. Most of his income is derived from dividends and capital gains which are taxed at 15%. He should have no fear of higher taxes. His medicare tax is also capped as well as is the case for others in his tax bracket. It is wiser to look at what he does and not what he says. He is a Capitalist not a Charitable Organization. And his image precedes him. There is nothing wrong or illegal about his transactions that are known but he is not the Saint that many portray him as and the press has never asked him the hard questions. CNBC just throws him softballs which is why he likes making his appearances on their station. His current issue with back taxes is more of avoidance rather than evasion of taxes as he has historically used the tax code to his advantage which is perfectly legal and ethical. His ownership in Moody's and personal relationship with Goldman do represent potential conflicts of interest. Moody's rates his own stocks and Goldman made a special loan arrangement with him as well.

[Freedland]

03:56 PM on 09/15/2011

Many of these comments are false and misleading. Buffett has sold all of his common shares in BofA last year at a loss. He has a sweetheart deal with BofA. Berkshire receives a 6% preferred dividend (most of which is tax free under the dividends received loophole) (Minimal or no tax on dividends paid from one corporation to another), he has a 10 year option to buy 700 million more shares at $7. If the shares go up in value, he can offset some of the losses on the common shares that were sold. He uses these tax free dividends to reinvest rather than make distributions to his shareholders so they receive capital gains treatment if the shares increase. Berkshire pays no dividends. Buffett is also a major shareholder in Moody's, the rating agency and has been selling off his shares. Possible conflict there as well. As to his charity, he avoids all estate tax by giving his estate to charity. That tax is around 45%. He is not a charity but a capitalist. His tax issues may arise out of his ongoing use of the tax code for the benefit of Berkshire but there is no evidence of wrongdoing at this time. If he had confidence in BofA, he would have bought the common shares not preferred but his 6% return is lower than his real after tax rate of return on the dividends. Don't forget, his father was in Congress years ago.

[kmichal2000]

07:56 PM on 08/29/2011

Buffet's company owes back taxes since 2002....no wonder he's libs' hero.

[luckyfreeman69]

07:30 PM on 08/29/2011

I am sure if the EPA would allow Buffett to invest in America he could and would..However with the EPA closeing all our American manufacturing jobs down and preventing any other wealthy investors to use our own natural resources such as oil or natural gas.. We are only left with 1 option ... Move to a country that has no EPA and put thier people to work and we American will just have to buy our fuel from the foriegners so that those forigners can have houses jobs food on thier tables good public schools for thier children...All you American had it for 200 years so now its thier turn...The smartest thing you can do is run for public office and get elected serve i 4 year term and retire with full pension at about 100 k a year with free medical , education , interest free loans. and 50 state consealed carry for life... Life is good ( SUCKERS)

[wmnorton]

02:16 AM on 08/30/2011

Look up Love Canal and then see if you may want to change this comment.

[hjeremy999]

05:33 PM on 08/29/2011

Warren Buffett for President. I think we should get him to take the job. The economy would grow faster and stronger than it ever has, the non-functioning goverment agencies would be merged into functioning or liquadated, the deficet would disappear and we would have a massive surplus. The rich would get richer, the middle class would become upper middle class, the gap between rich and poor woud shrink. The only thing that would probably not see any improvement is social issues, but then most Americans wouldn't care, because they would have a good paying job and not have to worry about how to feed their family. Plus we only need him for one term.

[uneeda]

05:29 PM on 08/29/2011

gas again ?

[Thumbody]

04:11 PM on 08/29/2011

Thinking those "loud moments" may just come in the tub.

[maybealittlecommonsense]

03:50 PM on 08/29/2011

Buffett owes back taxes to 2002. Negotiating to pay less than the current low rates. Hypocrite?

http://www.nypost.com/p/news/opinion/editorials/warren_buffett_hypocrite_E3BsmJmeQVE38q2Woq9yjJ

[wmnorton]

04:38 PM on 08/29/2011

Buffet the man does not owe back taxes! Your comment is at best deceptive. Berkshire-Hathaway is in a dispute with the IRS about how much the company owes. Not what you said at all. Of course the Headline from the NY Post you referenced is also a lie.

[maybealittlecommonsense]

04:43 PM on 08/29/2011

Who is in charge of Berkshire - Hathaway? Nuff said!

[hjeremy999]

05:41 PM on 08/29/2011

Or smart business man?

[wmnorton]

03:06 PM on 08/29/2011

I've looked at most of the comment and the ones that are against Buffet fall into two basic comments. First anyone who thinks that the rich are paying too little should give everything they own to the IRS. Second if you feel that the rich are paying too little you can not contest your tax bill. Everyone who is supporting one of these arguements should return to school and take a class in logic, because niether of these arguements have any merit. In fact both on them border on stupid.

[SOD]

11:49 PM on 08/28/2011

Die Warren die.

[floridaviolinist]

01:02 AM on 08/29/2011

jealous much?

[SOD]

01:06 AM on 08/29/2011

Not in the least.

Even if I were a jealous person, I wouldn't be envious of a duplicitous misanthrope.

[amayzen139]

01:00 AM on 08/28/2011

Warmongering plunderer posing as an altruist—wow, how original! And millions of sheeple are falling for it! Warren Buffett put your money were your mouth is—donate your fortune to the government today—they need your billions to pay for more wars and the global murdering police state—ain't them causes you support, your Lordship? What do you need all that money for? Your God Obama need it more than you to expand his wars and the New World Odor! How can you sleep at night, knowing what your dirty lucre could accomplish in the hands of the professional looters in DC. Give, Mr. Buffett! Give, give, give! You know you would if you loved the government as much as pretend to.

[wmnorton]

01:03 PM on 08/28/2011

Are you nuts? Why don't you Google Waren Buffet and see what he has done with his money and his life. And he knows something you obviuosly don't, That if he gave all his money to the government and they don't fix the tax structure he might as well have a bonfire and burn it. It is not just one or two billionaires doing the right thing that will fix the economy, all of them need to pay their fair share. And what is that, a tax rate at least as big as the guy making an average wage, about 35% when you count SS and Medicare taxes.

[blndgenie]

09:38 PM on 08/28/2011

If the top 10% pay 70% of ALL federla income taxes and that's not 'fair', what percentage should that ten percent pay? 80%? 90%? ALL of it so that 90% can ride free? Over ONE HALF of this country ALREADY pays no federal income tax, and that's 'fair' to you?

[maybealittlecommonsense]

03:51 PM on 08/29/2011

Try google. Buffett owes back taxes to 2002. He says do as he says, not as he does.

[smr3226]

07:01 PM on 08/28/2011

You don't know what you're talking about. He is widely respected for his honesty and altruism in addition to his business acumen.

[blndgenie]

09:36 PM on 08/28/2011

and now, fighting the IRS to lower his company's tax bill.

[CePe]

11:16 AM on 08/27/2011

Slamming Warren Buffet? Really? He certainly has been more generous with his personal wealth than your average billionaire. After providing (I think his term was "adequately") for his family, the rest of his money goes to the Gates Foundation. I look at his $5 B investment in B of A as more charity, in a way. It shores up a troubled institution, secures the investments of thousands of others and provides job security to thousands more. Never mind that it protects the FDIC by significantly reducing the possibility that the bank will fail - it protects tax dollars. Did Buffet have a "Come to Jesus" meeting with B of A management? If so, it was likely appropriate and necessary. It is entirely possible that Buffet's investment and involvement will stabilize the bank, improve it's operation and earn him money in the process, which will then go to charity. Buffet is exceptionally good at making money, and he enjoys it. He knows he isn't going to take it with him and at least he puts his money where his mouth is. Sorry, but I don't see a big downside here.

[Colin Daniel]

08:03 AM on 08/27/2011

We should remember than when he drops a $5 billion dollars as an investment of hopefully new capital in the Bank of America, it shores up the bank, creates further safety for depositor funds and new capital to provide lending to individuals and businesses. If he change the culture within the bank to modify its risk provide and become more customer centric then everyone that does business with BoA will benefit.

[SOD]

09:45 AM on 08/29/2011

"If he change the culture within the bank to modify its risk provide and become more customer centric then everyone that does business with BoA will benefit."

If by everyone you mean Warren Buffet, you are correct.

[jeff15]

04:35 AM on 08/27/2011

Warren Buffet is a megalomaniac of the highest order. I am sick of reading about the Oracle of Omaha. It doesn't take a genious to walk into a company with substantial assets but no cash and sit a bag of it on the counter and make terms that are so one sided as to be just short of illegal but certainly coercive to the point of ransom. What do you do, put the gun in your mouth or take the cash? BOA took the cash and I am sure the Oracle told them the terms. In this economy those that have the cash dictate the terms and Warren I am sure won't be sending any of it to the Treasury to help the country any time soon. What a hypocrite!

[CePe]

11:26 AM on 08/27/2011

Must disagree, Jeff15. Buffet's investment helps the Treasury in many, many ways, starting with the FDIC. If B of A fails, what will that do to the stock market? What will happen to the many employees left jobless? Be assured that the Treasury would take a big hit if B of A fails. So what if Buffet "made terms that are so one sided as to be just shot of illegal." If those terms aren't illegal and they save the institution from failure and everyone else from all the down-stream negatives of failure, then some might consider those "terms" appropriate and justified!

[jeff15]

04:28 PM on 08/27/2011

I agtee, actually. I am just saying once you get to a certain point its easy to self perpetuate. Ask anyone which is harder the first million or the last million. Its the first by far.

[smr3226]

07:16 PM on 08/28/2011

Making a good deal for himself was the primary motive but providing financial stability to B of A was incidental. A win/win situation and attests to his courage and insight. His remarkable history of success demonstrates his superiority as an investor. There is no hypocrisy or megalomania involved. For these attributes look no further than Rick Perry.

[blndgenie]

09:40 PM on 08/28/2011

his company is fighting the IRS to lower its tax bill. No hypocrisy? ROFL!