Buffett is used by the administration to establish confidence in unstable markets. He is one of the new American oligarchs; privy to insider information, sweet deals and too big to fail.
GM is probably also worth more in parts than it is as a whole entity. By buying into it, if GM should face another round of bankruptcy, it could be sold off for parts easily enough.
I think you are exactly right. WB is savy to a fault, he knows how to cultivate to his advantage, for now he is cultivating nobama. Buffet is always first for Buffet, somewhere next he’s for America. The big question is, is (funny how those two words together generate a grin) he helping the socialists or using them. I suspect he is using them and they being somewhat less asstute think they are using him.
Regardless of WB’s ultimate intent, its still makes me uncomfortable.