Claim: Billionaire Warren Buffet Had Congressional “Informational Advantage” With Stock Picks

Ever wonder how Warren Buffet makes his billions? With informational advantage, says Throw Them All Out author Peter Schweizer.

I just think it’s highly questionable and unethical. He was aggressively advising the Bush administration and then later the Obama administration around the financial crisis.

…As he was doing that and having these meetings, if you look at his SEC reports he was buying millions of shares of stock in the very banks that were going to benefit from this program. And he even admitted himself during the financial crisis during 2008 when he bought a large stake of Goldman Sachs, he said “I’m buying the stake only with the anticipation and knowledge that Congress is going to do this. If they’re not going to do a bailout I’m not going to buy Goldman Sachs.”

So he clearly was relying upon the government and his access to influence to make his business decisions.

…He clearly has an information advantage.

Video Interview with Peter Schweizer: