Obama Crony Warren Buffet Sees Profits Double

Posted by Brian

Burlington Northern Santa Fe Corp. Rises 15%

Obama crony, billionaire CEO Warren Buffet of Berkshire Hathaway is a happy man these days.

Yesterday, Berkshire Hathaway reported that first quarter earnings had more than doubled, mostly due to fewer losses in their insurance holdings.

Yet one thing jumped out at me in the story, which was a significant rise in profit for their Burlington Northern Santa Fe railroad holdings of 15%.

Why is this significant?  Because during the battles for approval of the Keystone XL pipeline, which the Obama Administration was opposing due to "environmental" reasons, and having only 60 days to review the proposal.  This of course was a lie, as the State Department had already issued three separate environmental impact statements over three years, finding that there would be "no significant impact" on the environment from the pipeline.

What we did find out is that Warren Buffet would stand to profit handsomely from the President's blocking of the pipeline, as all oil from Canada would have to be transported by Burlington Northern Santa Fe rail.  Political contributions, and shilling for the President on soaking the rich, will buy you that kind of favor, and even get you a piece of legislation named after you.  Especially when you're dealing with a man like Barack Obama, who has made a political career out of Chicago-style scorched-earth politics.

Fast forward several months, and we find that (SHAZAM!) Berkshire Hathaway's BNSF holdings saw a 15% increase in profits.  Coincidence? Only if you're gullible to the point of voting for someone like Barack Obama.

This is crony-capitalism at its most slimy.

Related Stories:

Berkshire profits double as insurance losses fall

Surprise!! Obama Supporter Warren Buffett Hits It Big With Denial Of Keystone Pipeline

Marxism On Parade: Dems Propose Confiscating "Excess" Profits From Oil Companies

Posted by Brian
In a move that would make Hugo Chavez and Karl Marx proud, a handful of Democrats are attempting to pass legislation that would set up a central committee to monitor profits from gas companies.  If they determine that a gas company has made too much profit they would apply a tax of up to 100% of that which they consider excessive.  What is considered "reasonable" or "excessive" is not defined.
Folks, this is right out of the playbook of every communist dictator and despot throughout history.

Dems propose 'Reasonable Profits Board' to regulate oil company profits By Pete Kasperowicz - 01/19/12 10:20 AM ET Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.  The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.  The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress Read More at The Hill

Related articles

• Gas Price Spike Act of 2012 or: Keystone Cops Part 2 (freedomfighterusa.wordpress.com)
• Kucinich challenges fellow Democrat to keep his job (politicalticker.blogs.cnn.com)
• "Windfall Profits Tax." What could possibly go wrong? (whynotnashville.wordpress.com)