Ben Nelson, Berkshire Hathaway, derivatives, filibuster, Senate Agriculture Committee, Warren Buffett
“Financial weapons of mass destruction” eh, Warren? What’s up with this ? (emphasis added) :
“The Senate Agriculture Committee inserted language into its derivatives bill last week [a provision pushed by Warren Buffett’s Berkshire Hathaway Inc] at the request of Sen. Ben Nelson (D., Neb.) that would have exempted any existing derivatives contracts from new collateral requirements—the money set aside to cover potential losses…a change one analyst predicted could force the Nebraska company to set aside up to $8 billion.
Berkshire has $63 billion in derivatives contracts, and Mr. Buffett has boasted he holds very little collateral against these products.”
Then after that was taken out of the legislation, lo and behold Buffett’s boy Benny:
“…did an abrupt about-face and became the only Democrat to help filibuster legislation to revamp Wall Street regulations…”He was on board until today and the only thing that changed was the removal of that provision,” said one Democratic aide, who definitively said Nelson changed his vote because the Buffett carveout was removed.”
Yes boys and girls and sports fans everywhere, the Orifice of Omaha is just another member of the oligarchy, gaming the system for his own personal gain. And Benny Nelson is nothing more than his errand boy.