When have you ever heard Warren Buffett say something *three times in a row*? I noticed something when Buffett was on Charlie Rose last week. First Charlie says, "You (Buffett) talk to the President?" In reply, Buffett tries to mislead - "I've never called the President". Then Charlie says, "But you talk to him?" Buffett says, "Occasionally, OCCASIONALLY, occasionally". In these conversations, Buffett never talked with the President about the finances of U.S. lynchpin, Bank of America? Never talked with the President about BofA when, later, he's trying to subtly mislead about his conversations with the President? Buffet's on the phone with the President, and then he's making investments in Goldman Sachs and Bank of America. Later we find that taxpayers have been secretly forced to support these financial institutions. Warren Buffett insider trading - that's what it is. "Material, non-public information." Occupy Wall Street should have a petition to have Buffet investigated by the DOJ. In fact, I'm going to go there and suggest that now. But don't forget, ol' Uncle Warren is your best buddy.
As George Carlin put it "It's a club and you aren't a member". At some level people in the industry have to talk to each other and they will end up with an advantage in one way or another.