Joe Kernan of CNBC today made Warren Buffett look like exactly what he is -- a rich, arrogant hypocrite. Buffett defended his own tax breaks while criticizing tax breaks for others. Buffett came out four square for benefits that benefit him personally while complaining about others.
This is the same guy, Buffett, who has long and publicly criticized the hedge fund industry for using compensation structures that are precisely identical in principal to the compensation structures that created his early fortune, that ultimately resulted in his becoming the richest American.
Over and over again, Warren Buffett has paraded himself forward as a low key, modest man who built his fortune the old fashioned way. Wrong. This guy has taken advantage of the most heinous compensation schemes that exist and lined his pockets by taking advantage of tax loophole after tax loophole. Meanwhile, he criticizes others for the same practices that he indulges in.
Three cheers to Joe Kernan for exposing this amazing hypocrite.