Forum Post: Cronyism: Warren Buffet Was Consulted As Architect of TARP Plan, Then Profited Based On His Insider Knowledge
Posted 12 years ago on Nov. 15, 2011, 1:55 p.m. EST by nikka
(228)
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In the wake of the $700 billion TARP bailout, Warren Buffett apparently shaped a plan to clean up toxic assets that Treasury Secretary Tim Geithner later adopted--resulting in massive profits for Buffett. Helping write the plan wasn't enough; he needed it to pass, too. So, having placed a large bet, he then lobbied Nancy Pelosi and other swell people to pass TARP, crying that without it, we'd have a financial armageddon.
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