Warren Buffett’s right-hand man lashed out at government handouts while also praising the bailout in a speech at University of Michigan.
Charlie in charge
Berkshire Hathaway’s Vice Chairman Charlie Munger and his longtime business partner Warren Buffett apparently do not see eye to eye when it comes to charity. In 2006, Buffett donated pledged 85% of his $40 billion fortune to the Bill and Melinda Gates Foundation and has recently been urging more billionaires to do the same. Munger is having nothing of it. “There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be,’” Munger said at an event at the University of Michigan, which was moderated by CNBC. “At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.’”
Both billionaires, however, backed the bank bailout. Does Munger oppose individual charity but support corporate welfare? (more…)
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