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Monday, July 06, 2020

Environmentalists made the 4th richest man richer



Warren Buffett would like to thank all those environmental protesters and activist judges who needlessly delayed the Atlantic Coast Pipeline project which would have brought cheap energy to the Eastern Seaboard.

These self-righteous, self-appointed defenders of the Earth helped Buffett acquire Dominion Energy Inc.'s natural gas assets for a song.

Benzinga reported, "Billionaire investor Warren Buffett's Berkshire Hathaway Inc. is buying Dominion Energy Inc.'s natural gas assets, the two companies announced Sunday.

"Berkshire's energy division will pay $4 billion in cash to Dominion for the purchase.

"The transaction between the two companies also assumes an existing debt of about $5.7 billion for Dominion's Gas Transmission and Storage Business, giving the deal an enterprise value of $9.7 billion."

Buffett bought once the company's partner threw in the towel on the pipeline project.

The story also said, "In a separate statement on Sunday, Dominion, along with partner Duke Energy Corp., said they were canceling the Atlantic Coast Pipeline project due to 'ongoing delays and increasing cost uncertainty which threaten the economic viability of the project.'

"The pipeline has been abandoned even after the favorable United States Supreme Court decision last month. The project has faced major protests from landowners in the pipeline's path and environmental activists."

Luddite environmentalists succeeded in stopping the transmission of clean energy in the safest way possible. This created a problem for Dominion. Buffett swooped in.

While everyone else was hunkered down, Buffett was circling and circling and waiting to find some roadkill for supper.

This is the second time that Buffett has made billions from a delay in a pipeline.

He bought the BNSF railway (the combination of the old Atchison, Topeka and Santa Fe Railway and Burlington Northern Railroad) just as fracking took off in the Bakken field in North Dakota. BNSF has a near monopoly on transporting the oil even though railroads are far more expensive and less safe than pipelines.

His friends in the environmental industry (many a lawyer becomes rich blocking progress) succeeded in staving off the Keystone XL pipeline which would pretty much kill his business.

Oh, don't cry for Buffett. The railroad will still do well after the pipeline goes in but the loss of the oil business will mean making just mundane profits instead of obscene ones. (I prefer the latter.)

He'll find another environmental protest to stoke. Making money is what he does best. I admire that someone besides Stalin found a use for these useful idiots.

20 comments:

  1. Mr. Buffet got my Lehman Brother's assets to save Lehman's workers jobs after the great recession. The corrupt bankruptcy courts allowed this during Buffet's good friend Obama's presidency. I lost a considerable amount of my retirement and life savings having invested in part in supposedly safe Lehman bonds; hundreds of thousand were lost by me mainly because of the bankruptcy court's rulings and the Democrats' subprime mortgage-backed securities bought by financial institutions like Lehman bundled with secure mortgage loans. I was told about $2,000,000,000 in Lehman assets went away even though my bonds were supposed to be 2nd in line for payouts. The bonds face value was safe under most circumstances but not from the bankruptcy courts. Nor were GM's bondholders protected by the courts. Thankfully, I didn't have GM bonds.

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    1. I believe shorting Muni's would be a great idea about now.

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    2. There's a shadow government working to disrupt everything Trump is doing to make way for socialism
      in America. You better do this today ,.,.,.,,, ,Look at this video ASAP!!!

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  2. HUD has been a festering shore in the U.S. system since it's conception. It is and has been the playground of those who are now trying to take down the U.S. I learned about it after reading about the lady who developed a software program for HUD that was able to drill down right to the level of the exact homes that has HUD loans. She found that many low income homes had up to 5 HUD loans on those same houses. She was fired and her program software was removed.Remember that those loans are guaranteed by the taxpayers. Defaults are great for fraud x 5.

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  3. Cramer said the other day that “the market has no conscience.” I ruminated on that for a bit and wound up concluding “...and thank God for that.” I mean, I rag on Soros a LOT but in the end, it’s his money and he can do whatever the fook he wants with it. And while the LibCommies can and DO howl about EVIL GUNS, Smith & Wesson stock is doing just fine right now, thank you very much.

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    1. Soros has been funding fringe left violence and that is not a legit use of his wealth. He should be jailed for the rest of his life, then turned over to Hungary to deal with his time as a Kapo.

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    2. Soros's funds don't come from businesses any more than Epstein's funds came from there. There are a number of front men and women, mostly men, who are given a Golden wheelbarrow of money every year out the back of the FED and they are also given their orders of what to spend it on. Look at Soros's "wealth" and where it comes from and it's source is as elusive as Epstein's.

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  4. I do not like Warren Buffet. He lobbies against abolishing inheritance taxes without disclosing how much money he has made because of them.

    Here's the basic strategy, based on what little I understand about such things:

    1. Pop & Sons Shop was built up from nothing and after years of hard work is now a healthy enterprise.

    2. Pop dies. Here come the inheritance taxes. Running Pop & Sons is all Sons know. They're good at it. But to pay the taxes, they must liquidate.

    3. In swoops Buffet with his checkbook. He offers to buy Pop & Sons and offers them employment as managers.

    5. Sons accept. They are relieved, of course.

    6. Buffet is the hero, but only because of the confiscatory inheritance taxes that he advocates.

    As usual, the leftist media never seems interested in reporting this fact. I first read about it in National Review back in the day when I had a subscription and it was more conservative.

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    1. You may be right, but Buffet also has another reason to push for high inheritance taxes. He also sells life insurance. As I understand it, the beneficiary of a life insurance policy doesn't have to pay taxes on it, because apparently the money is just a conversion of your existing interest in Uncle Scrooge into cash and thus is not considered to be a gain. So If Uncle Scrooge wants to give you a wad of cash, he buys a policy from one of Buffet's companies with you as the beneficiary. Since Scrooge is old, the premium is very high, maybe even as much as the payout. Buffet's company gets to collect all the interest on this money until Scrooge carks it, then they transfer the principal to you tax free. Uncle Sam still gets nothing, but Buffet gets to use the cash for as long as Scrooge lives.

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  5. Ever wonder why Buffet was promoted by the MSM? If so you have your answer what he is. He is NOT a kindly old gentleman. He talks his book.

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  6. Not to mention that he's joined at the hip with Bill Gates, the modern-day Dr. Mengele. The two of them, and their ilk, are laughing their asses off about the plight of everyday Americans. - Gary B

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    1. Dr. Mengele is a Great Reference point.You seem to be also in on this total Hoax.

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    2. You have a serious reading comprehension problem.

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    3. And you are being paid by who? No reason but the usual rebuttal by Low I.Q. sycophants or I.E. Bots.

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  7. Everyone is in business to make money. It’s the crony capitalism I object to.

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    1. No, everyone is NOT in the business to make money. Some are in business to make citizens make mistakes in their choices. Think about this please.This is not a surface thought.

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  8. "Pardon me boy-is that he Warren Buffett Choo-Choo?-Yeah
    track 29 gonna get Oil this time."
    Man is a Vulture Capitalist. Mitt Romney too.neither is a builder like DJT...

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    1. Too much Crack Today?

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    2. Mental Illness is revealing itself in these Marxist Psyops. Who wants a society with no Relational Authority? Only those who have no concept of the Real World needed to continue in prospering and continuing to move ahead in advancing the Human Species.

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    3. Douglas, that was funny. - Gary B

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