billp37

Wall Street Breakfast: Must-Know News

"OMAHA, Neb., May 3 (Reuters) - Billionaire Warren Buffett on Sunday criticized some life insurers for taking on "crazy" financial risks by selling variable annuities, or retirement products that promised unrealistic guarantees to buyers.

The products are tied to stock market performance and in some cases guaranteed a certain periodic return, while principal could not be eroded by investment losses.

"I always thought they were crazy when they were doing it," said Buffett, at a press conference in Omaha, his hometown, because of the financial risks to the insurer.

Insurers such as Hartford Financial (HIG.N: Quote, Profile, Research) and Genworth Financial (GNW.N: Quote, Profile, Research) have been badly burned by over-selling these products, which performed badly as the credit crisis sent markets plummeting.


The industry’s retirement products guaranteeing minimum returns on equity-based investments were “crazy,” Buffett said today at a press conference in Omaha, Nebraska. Berkshire gets about half its profit from insurance, mostly from property and casualty coverage.


The industry’s retirement products guaranteeing minimum returns on equity-based investments were “crazy,” Buffett said today at a press conference in Omaha, Nebraska. Berkshire gets about half its profit from insurance, mostly from property and casualty coverage.

When insurers “tell the policyholder that he gets some of the up side and you take all the down side, that’s poison,” Buffett said. “That would be like a stockbroker telling you that he’ll pay you back if your stocks lose money.” "

www.bloomberg.com/apps...

Buffett on Alt Energy

We repeat:

Facts:
1 Laws of thermodynamics are tough to repeal
2 HEAT RATE - second law
3 CAPACITY FACTOR - reality

Money to be made from those who don't understand 1, 2, and 3.

And talk about wrecking our investment portfolios!

Yadlin said the Islamic republic hoped to use the expected dialogue with the Obama administration to buy time to procure the amount of high-enriched uranium needed to build a bomb comment?

www.jpost.com/servlet/...

Oy Veh!
en.wikipedia.org/wiki/...

The Pickens Plan Changes Its Strategy

What is the heat rate for wind Wilson?

The Bottom's Within Sight - Barron's

We will see.

en.wikipedia.org/wiki/...

Electricity was ample then.

It may not be now.

Wall Street Breakfast: Must-Know News

"Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transaction is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@trea... so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson"