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Investors, take heart: Warren Buffett sees investment opportunities in the U.S. stock and bond markets, and believes widespread financial turmoil from the credit crunch is behind us.
All eyes were on Warren Buffett at Berkshire Hathaway’s annual meeting at the Qwest Center in Omaha, Neb. |
Speaking to reporters Sunday, a day after Berkshire Hathaway Inc.’s annual fan-fest for shareholders at the Qwest Center in Omaha, Neb., both Mr. Buffett, 77 years old, and Vice Chairman Charlie Munger, 84, criticized regulators, politicians and accountants for lax oversight of financial institutions that are at the center of the subprime-mortgage crisis, and, according to Mr. Munger, were guilty of “deep conflicts of interest.”
“The regulators and the accountants have failed us terribly,” Mr. Munger said, adding that mark-to-market accounting rules are necessary but can obscure other problems within a company.
This year at Mr. Buffett’s annual gathering for shareholders — often called “Woodstock for Capitalists” — 31,000 Buffett enthusiasts were serenaded by Fruit of the Loom minstrels, enjoyed samples of Berkshire portfolio companies such as Dilly Bars and watched artist Michael Israel speed-paint a Buffett portrait with Benjamin Moore paints.
Mr. Buffett credited the Federal Reserve for helping to avert a more-widespread crisis on Wall Street by orchestrating a bailout of Bear Stearns Cos. that “prevented, in my opinion, the contagion where you’re going to have runs on investment banks.”
Bank losses “aren’t over by a long shot, but a lot of it has already been recognized,” he said, adding that the depth of the housing crisis, unemployment and other economic factors would help determine how long the write-downs continue.
“The idea of financial panic — that has been pretty much taken care of,” he said.
It’s official! Steve Jobs should ask for a pay raise! According to Forbes, Oracle’s Larry Ellison came first in 2007 as the best paid CEO (although he doesn’t seem to need his salary, since he is no. 14 among the world’s billionaires, with an estimated $25 billion of assets), topping big names such as Apple’s Steve Jobs (no wonder, the poor man is paid $1 for the job!).
The top 10 best paid CEO are as follows: Larry Ellison (Oracle) – $192.9 million, Nabeeb Gareel (MEMC Electronic Materials) – $79.6 million, John Cambers (Cisco) – $54.8 million, Mark Hurd (HP) – $27.6 million, Jen-Hsun Huang (NVIDIA) – $24.6 million, Samual Palmisano (IBM) – $24.3 million, Wendell Weeks (Corning) – $22.6 million, Joseph Tucci, EMC – $20 million, William Sullivan (Agilent) – $17.4 million, Paul Otellini (Intel) – $16.3 million.
Steve Jobs not only didn’t make it on the top 10 list, but 2007 was far less productive than 2006: this time he took home an estimated $14.6 million in compensation, compared to 2006 when he took compensations estimated at $646 million (oh, it’s nice to have stocks!).
The secret to making it to Forbes’ top list: don’t lose your job! Yahoo’s former Chief Executive Officer Terry Semel didn’t make it this year, and neither did Michael Dell, the founder of Dell, who is currently working hard to bring Dell to the light (however, he does have some pretty good savings, in case things don’t work out so well; Forbes estimated his value at $16 billion, making him the 40th richest person in the world).
Blonde Face
Posted April 14, 2008
on:- In: 2006 | Bad Girls | Best | Blonde Face | Cameron Dias | Models | Victoria Beckham
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