Buffett Says He Can?t See Rationale for Bank Levy (Update2) - Bloomberg.com
Welcome to the club Warren... many don't see any reason for a lot of the damage the president has inflicted or has tried to inflict... if his goal is to have America and Americans prosper.Obama announced a plan last week to impose a fee on as many as 50 financial companies to recover losses from the federal government’s Troubled Asset Relief Program. The levy would apply to firms with more than $50 billion in assets, including Wells Fargo and Goldman Sachs, two companies that Berkshire has investments in. It would exclude Fannie Mae and Freddie Mac, the government-sponsored mortgage lenders taken over by the U.S.
“I don’t see any reason why they should be paying a special tax,” said Buffett
“Look at the damage Fannie and Freddie caused, and they were run by the Congress,” said Buffett. “Should they have a special tax on congressmen because they let this thing happen to Freddie and Fannie? I don’t think so.”
“Most of the banks didn’t need to be saved,” Buffett said. “Including Wells Fargo.”