Monday, November 5, 2012

Whoa! Battle of the Oligarchs: Warren Buffett vs. Jack Welch


You will recall that last month, former GE Chairman and Mitt Romney supporter Jack Welch stated that the then-Bureau of Labor Statistics jobs number was manipulated upward for the benefit of the President.

Buffett, on the other hand, is an Obama supporter. You can be sure Buffett is sitting with a bunch of data in front of him to make this ambush of Welch very bloody for Welch.

Developing...

UPDATE:

Well the Buffett call turned out to be bizarre. No data from Buffett, just this strange exchange:

BUFFETT: Jack, our shoe companies – sales have been a little slow – and I remember very well that you were a star salseperson for Thom McAnn. In fact, many people think your career peaked when you were selling shoes, but, we've got a lot of purple shoes to sell, and as I remember, you've got some ideas about how to do that. Would you explain that to me please?
WELCH: Just up the commission.
BUFFETT: Tell me how you really did it when those women were coming in and you were getting a nickel for black shoes and 25 cents for purple shoes.
WELCH: I was able to have more drive and incentive, and incentives drive all kinds of behavior, Warren, as you know well.
BUFFETT: But, tell me what you told those women!
WELCH: I don't recall.
BUFFETT: Well, I think you told me that if they were in purple shoes, men would look at them from miles away, but if they kept wearing those black shoes, which they were only paying a nickel on, they were going to have real trouble.
WELCH: I didn't remember that, but that could have been true.
BUFFETT: You were well known for that at Thom McAnn, and it was the beginning of a fantastic career, Jack.
WELCH: Warren, I love you.
That was the extent of Warren Buffett's call in.

UPDATE 2:

Here's the video.

 

17 comments:

  1. I think this is a sly play to try to discredit Welch...in essence suggesting he's a glorified shoe salesmen willing to lie to women to get the deal done.

    The analogy/suggestion here being obvious, Welch would do the same to "joe sixpack".

    Let us all not forget that as many positive things there were about Buffet's father, he still kicked off Warren's wealth via his own brokerage firm, showed him the ropes, and sent him to Wharton & Columbia.

    Buffet Jr. has spent his entire life "connected" to the elite in gov't and benefitting from such connections. Welch came up on his own and I think Buffet Jr. is snubbing him in a bit of an elitist fashion.

    Obviously Buffet Jr. never had to sell shoes or anything close to that...he started his career in a high level industry with grooming from daddy who was connected to power elites in gov't.

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    Replies
    1. You really should read a little more about Warren Buffett before claiming he is an elitist who "never had to sell shoes or anything close to that"... he has had a range of jobs as a child, many of which were not even close to being glamorous (paper routes, collecting golf balls, buying and renting out pinball machines...etc).

      While he obvious did benefit from his father's position and wealth, he was already making more money each month than his teachers by the time he was in high school. This was way before he got into Wharton or worked for his father.

      Honesty, I think everyone is reading a little bit too much into this call....

      Delete
    2. You really should read a little more about Warren Buffett before claiming he is an elitist who "never had to sell shoes or anything close to that"... he has had a range of jobs as a child, many of which were not even close to being glamorous (paper routes, collecting golf balls, buying and renting out pinball machines...etc).

      While he obvious did benefit from his father's position and wealth, he was already making more money each month than his teachers by the time he was in high school. This was way before he got into Wharton or worked for his father.

      Honesty, I think everyone is reading a little bit too much into this call....

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    3. Reading the padded wiki bio huh?

      Yea, yea....ok...all his success had nothing to do with his father's seed money or political connections, he's just a child pinball prodigy who happened to have a father in his chosen profession that also worked dailed with all the big time pols.

      Seriously, that's what your selling, right? lol

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    4. Warren Buffett: Crony Capitalist

      http://reason.com/archives/2012/02/09/warren-buffett-baptist-and-bootlegger/print

      Delete
  2. "Don't mess with my man Obama. If he's got to rig the numbers, he's got to rig the numbers! You're a bumpkin, kiddo. Don't mess with the Warren!"

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  3. Buffet's "code of ethics":

    Selling purple shoes instead of black: bad
    Stealing billions from American taxpayers via crony connections: good.

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  4. Somehow it sounds like Buffet owned the shoe company and Welch was a salesman for him. Welch is just a salesman who will say anything to sell the product. I agree with the person above.

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  5. I'm with the first poster.

    Why would the billionaire Buffet call in to do BS chit-chat on a TV show? He's just trying to cut down Welch with vague suggestions that he's a liar and a creep, plus a dig about coming from the lower classes. Notice how Buffet drives the coversation when Welch isn't biting.

    I remember several months ago Wenzel posted a clip of another old billionaire interviewed on a similar show. He also skillfully controlled the interview to smack down his oligarch enemies. The interviewers are so stupid and in awe of these guys that they have no idea what's going on, and they let these old farts say what they want to say.

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  6. Plus, maybe Mr Buff-fay did not have any facts to back up his guy. Like the millions who've dropped out of the labor force, or gone on food stamps and so on.

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  7. I hope Welch will catchup with Buffett the crook and take a notch out of his hide!

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  8. lol, you know-it takes a special S.O.B. to make Jack Welch seemingly in need of sympathy.

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  9. Warren Buffett would have been a perfect addition to the Jekyll Island crew. What a nasty old fart he is.

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  10. I've lost a lot of respect for buffet in recent years. This guy is just another 2 face Billionaire...lies about his poor little secretary paying more taxes then him and then we find out she is paid 6 figures!

    Then when Buffet is kissing Obamas ass saying we all should pay more taxes, we then lear he has DOZENS of companies who are in legal action with IRS trying to evade taxes.

    That interview with Jack and Warren was so bizzare it made me wonder if the meds he is on are affecting his brain!

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  11. Interpretation of Buffett Attack : Nasty undertone.... a put down. By implication, Welch is just a shoe salesman made good and who has climbed way above his station. Welch better at selling shoes than interpreting the markets (or running GE). Welch is sales guy made good. Buffett is saying Welch is a Motivator, basic sales guy former, shoe salesman... All that.

    Buffett, by contrast, has a more 'noble' occupation and is a specialist and knows the markets and is NOT just a shoe salesman.

    Subliminally is : 'You should have stuck to selling shoes, Jack. You were better at that than what you are doing now..' Amid the apparent bonhomie is a pretty nasty under the table attack by Warren Buffett and Jack is a bit stuck for a reply.

    The question is : what did this surreal episode have to do with the Markets and the answer is NOTHING. It was a personal shark attack out of the blue based on a personal, private event. They both may be good friends of the same person. That doesn't make them friends or indeed allies on the political front....

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