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Monthly Archives: March 2011

Congressional Report Details AARP’s Financial Gain From Health Care Law

“Washington, DC – Ways and Means Committee Members Wally Herger (R-CA), Dave Reichert (R-WA) and Charles Boustany (R-LA) today released “Behind the Veil: The AARP America Doesn’t Know,”  a new report exposing the conflict between AARP’s drive for profits, the best interests of its members and the organization’s tax exempt status.  The report, which is the culmination of more than a year-long investigation, concludes that AARP stands to make upwards of one billion dollars over the next ten years as a result of the new health care law through the sale of their endorsed-Medicare insurance products.  The Members have now turned over their findings to the IRS to determine if AARP has abused its tax-exempt status, and whether or not that status should be revoked.”

Read the rest here.

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The Fed Rejects AIG’s Stupid Offer

The Federal Reserve said “fuck off” (my words) to AIG for their $15.7 billion offer to buy the mortgage-related assets it holds in its Maiden Lane II portfolio.

Full article

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David Sokol Resigns from Berkshire Hathaway

Idiot.

“I had not asked for his resignation, and it came as a surprise to me. Twice before, most recently two or so years ago, Dave had talked to me of resigning. In each case he had given me the same reasons that he laid out in his Monday letter. Shortly before I left for Asia on March 19, I learned that Dave first purchased 2,300 shares of Lubrizol (LZ) on December 14, which he then sold on December 21. Subsequently, on January 5, 6 and 7, he bought 96,060 shares pursuant to a 100,000-share order he had placed with a $104 per share limit price. Dave’s purchases were made before he had discussed Lubrizol with me and with no knowledge of how I might react to his idea. In addition, of course, he did not know what Lubrizol’s reaction would be if I developed an interest. Furthermore, he knew he would have no voice in Berkshire’s decision once he suggested the idea; it would be up to me and Charlie Munger, subject to ratification by the Berkshire Board of which Dave is not a member. Neither Dave nor I feel his Lubrizol purchases were in any way unlawful. He has told me that they were not a factor in his decision to resign.”

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