Posted on 11/16/2023 3:49:02 PM PST by E. Pluribus Unum
Billionaire Warren Buffet believes he is special.
He doesn't think he should be forced to inform the SEC when he is amassing shares in a stock because if people knew they might push up the price of additional shares.
Everyone should pull out their violin.
Sadly, the SEC, which is supposedly for transparency and equal administration of regulations, has allowed this nonsense, and in a sense, given him a huge kickback for almost thirty years by allowing him to amass bigger positions in secret.
Here's a news item I found dating from 1997:
Berkshire Trading Kept Secret Sec Grants Buffet An Exemption
Billionaire investor Warren Buffett’s Berkshire Hathaway has for years used a little known securities law to trade stocks without telling the public, unlike most institutional investors. McDonald’s Co. and American Express Co. are among companies whose common stock Berkshire Hathaway bought without disclosing its actions, according to filings since made public. Buffett is now among the largest shareholders of both companies.
When Berkshire filed the confidential 13F form with the Securities and Exchange Commission for the fourth quarter of 1994, it showed a purchase of 4.91 million shares of McDonald’s stock in that quarter.
By nine months later, Buffett was reporting his holdings had expanded to 9.33 million shares. When that figure was first released to the public on Dec. 5, 1996, McDonald’s shares jumped almost 4 percent to $48.12-1/2 from $46.37-1/2.
Berkshire has asked the Securities and Exchange Commission to be allowed to keep certain investment moves secret for a year.
Nothing like bureaucrats who want to give the rich special privileges.
(Excerpt) Read more at americanthinker.com ...
Biden will not be charged in stolen documents case.
It is extremely dangerous for government to decide for itself which powers it possesses. What functionaries of that government does is entirely subject to that earlier Arbitrary governent.
Biden will not be charged in stolen documents case.
It’s an Evil little Club,
and We The People ain’t in it.
They’re just doing double duty. Most of them are lawyers anyway. This is why they give themselves a raise after each election or appointment.
wy69
They’re just doing double duty. Most of them are lawyers anyway. This is why they give themselves a raise after each election or appointment.
wy69
Don’t worry...Brandon & Co. are completely taking over the internet. All will be well. Nothing to worry about.
One would think that would be perfectly obvious.
Clearly, it is not obvious to a large swath of the American public.
Tyranny: “A government in which a single ruler is vested with absolute power.”
Could that be Biden or Obama or Soros?
If Buffet is taking advantage of a “little known law” it means he’s following the law. And if other fund managers are not, they’re paying their lawyers too much.
Being able to secretly buy laws is so handy!
Each quarter about 1,800 13-F’s are filed, and about 55 requests for confidential filings are received, said Heidi Stam, associate director for investment management at the SEC. Most requests are granted, she said.
The linked article is from 1997. This is a long-established program, and Berkshire Hathaway is far from the only fund taking advantage of it. If Buffet was being approved when others were not, it'd be something to be concerned about. But that doesn't seem to be the case.
Do SEC insiders trade on this info? You bet they do!
Should be concerning but I’m sure those who should be policing this have better things to ignore.
“it is extremely dangerous for a government to decide what powers it possesses.”
This is brilliant. It should be on bumper stickers. Very succinct. Well done.
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