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Warren Buffett is No Folk Hero

Years ago Tom Kirkendall had an insight that no one had before - or since, it seems - about Warren Buffett.   Called "The Buffett Rule," Kirkendall explained the media's reporting of Buffett thusly: "A folksy and media savvy businessman involved in complicated structured finance transactions is given a pass [when others go to jail and receive negative press for the same conduct]."   §§§ The Buffett Rule is in full effect today.  A story getting major attention reads: "Goldman Sachs, Buffett to help small businesses."  Nowhere does the story report that Buffett is a substantial shareholder in Goldman Sachs.  Instead, we're told that Goldman Sachs (which by now everyone who has been paying attention recognizes is evil) is getting advice from Aw, Shucks Buffett:NEW YORK (AP) -- Goldman Sachs Group Inc...continue to full post

Full post as published by Crime & Federalism on November 17, 2009 (boomark / email).