Warren Buffett’s annual letter to shareholders is proof that the investment titan is a “fraud and a charlatan,” renegade broadcaster Max Keiser has said. But Buffett’s loss may be bitcoin’s gain.
Buffett’s letter, issued yearly to shareholders of his firm Berkshire Hathaway, “exposes” the kingpin as “an unmitigated fraud and charlatan reliant entirely on taxpayer bailouts and accounting tricks,” Keiser exclaimed on Saturday.
#Bitcoin up on news Warren Buffett exposes himself in his annual letter as an unmitigated fraud and charlatan reliant entirely on tax-payer bailouts and accounting tricks.
— Max Keiser, tweet poet. (@maxkeiser) February 23, 2019
“Buffett’s frauds are innumerable and date back decades,” Keiser told RT, citing Buffett’s failure to rein in years of corporate malpractice at Wells Fargo, partly owned by Berkshire Hathaway.
His letter also revealed that Berkshire Hathaway began buying back stock in its own companies last year. Buybacks allow a company to inflate its own stock price, and are generally seen as a sign a company’s stock is undervalued. Buybacks were illegal and considered a form of market manipulation until the Securities and Exchange Commission gave the practice the green light in the early 1980s.
“It’s pure fraud,” Keiser continued. “Its sole purpose is to commit accounting fraud for the benefit of insiders.”
Buffett’s letter went on to slam gold, ridiculing the “magical metal” as a poor investment choice. “The real story,” Keiser said, “is to put gold in context and understand that Buffett’s so-called success is entirely driven by a cozy relationship with Wall Street and the Fed that gives him virtually unlimited access to credit carrying zero percent interest.”
For years, Buffett has publicly ridiculed cryptocurrencies like bitcoin, calling it “rat poison” and “an asset that creates nothing.”
“He is right. And there is no bigger rat than Warren Buffett,” Keiser unloaded on the Wall Street tycoon. “The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like bitcoin and gold.”
Languishing at around $3,500 since its almost $20,000 high in 2017, the price of bitcoin shot up by over $100 after Buffet released his letter. “I maintain my price prediction I first made on Keiser Report in 2011 when Bitcoin was $1,” Keiser concluded. “We will see $100,000 for Bitcoin, as it swallows up the world’s over-supply of worthless fiat money; marking the end of charlatans like Warren Buffett.”