This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Yes, Buffet is a Hypocrite: Time to Move On, Folks

NEW YORK ( TheStreet) -- The Huffington Post is out with another in the long series of non- Pulitzer Prize-winning accounts of how, where and why Berkshire Hathaway (BRK.B) chairman Warren Buffett is a hypocrite on Tuesday.

I would say this cottage industry within journalism had jumped the shark if jumping the shark hadn't jumped the shark long ago, and if I wasn't as guilty as the rest of being a card-carrying member of this non-exclusive group of Buffett lapdogs in print and news-aggregated pixel.

Reading the HuffPo headline about the results of an investigation that showed Buffett's NetJets subsidiary was lobbying K Street to preserve luxury jet tax breaks while Buffett has called for higher taxes on the rich sent me back to my freshman days at the University of Michigan.

The 'Warren Buffett is a hypocrite school of journalism' has yet to produce a Pulitzer, but reams of copy? Well, no end to it.

Bear with me: I arrived in Ann Arbor as the former president of my high school's Model Congress (i.e. no girlfriend during those awkward years), and as a "model" Majority Speaker I had sponsored legislation to return the United States to its rightful owners -- the tribal nations -- and to use Congressional funds to sponsor just about every socialist rebel army around the globe.

Then I was hit over the head with the dawning of political correctness on campus in the early 90s and as a visceral reaction to the overwhelming liberalness, I became a knee-jerk conservative.

So I'm cutting my Warren Buffett is a Hypocrite Club card today and testifying against my former crew and changing parties. It's time to call an end to these headlines, and I hereby promise this to be my last shameless attempt to turn Buffett is a Hypocrite into page-views (though using Buffett to generate page views remains an eminently acceptable, shameless tactic for the world of online journalism.)

This NetJets one I really don't get, but then again, it's part and parcel of the Buffett is a Hypocrite headlines versus the details and realities of running a huge conglomerate and also being a media hound with overt political aims.

>>View Warren Buffett's Portfolio

Buffett has said that as a member of the elite he is not paying enough in taxes, and that the wealthy should do their fair share to pay taxes to the Internal Revenue Service. NetJets, a subsidiary of Berkshire Hathaway, lobbied in Washington D.C. to preserve tax breaks important to its business. So the CEO of a corporation using his pulpit to take a personal political stand about personal income tax issue and shine a light on his personal wealth, also has affiliates doing everything in their power to preserve a preferred tax status for the corporation.

Should Buffett be as vocal about corporate tax reform as he is about personal income tax reform -- especially since President Obama has called out the private jet class specifically?

Sure, why not? There is no end to the hypocrisy of which Buffett is guilty if we want to see it as such.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,066.63 -106.05 -0.62%
S&P 500 1,985.04 -9.25 -0.46%
NASDAQ 4,514.0520 -13.6370 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs