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Former Crazy Eddie’s CFO Sam Antar discusses whether billionaire investor Warren Buffett would benefit from higher taxes.
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-- we've got three items of news recently on Warren Buffett noble noble want.
He thinks rich people should be taxed mall without saying his insurance businesses could benefit from higher taxes the but it.
He gets a sweetheart deal to invest five billion dollars in Bank of America.
-- with great -- is that's the ratings company that He holds a big stake in the does not downgrade the US like S and they did not take it all together.
Do these things hooked Buffett's want sterling reputation that they sound a little fishy.
To a convicted white collar criminal like Sam and talk who joins us now Sam you -- let's get it up right -- that you are a convicted white collar criminal right.
Yes He gets rev force sets of books for Eddie crazy Eddie back in the day -- knows about investments I know about the seat and you've been -- I haven't been is like a half years ago -- don't look at how many years in prison.
Six months house arrest six -- house -- that was that yes OK all right.
Though I am not suggesting that is anything corrupt about Warren Buffett all illegal about what he's doing.
I am suggesting that there is a conflict of interest when He goes out there and says.
We should all have higher tax rates all the rich -- pop higher tax rates -- doesn't tell the world.
That that benefits his insurance -- -- follow the money okay.
That's what the feds did when they investigated -- they follow the money trail who stands to benefit from complicated tax system who stands to benefit from higher rates the insurance companies.
It was Berkshire higher at the right they own insurance companies and you just short of the company's fourth -- within -- -- To avoid having the death tax -- right so when He got when Warren Buffett writes an editorial in a major newspaper He should point that out.
That higher taxes which is what you recommend this would benefit me and my companies it is a conflict of interest and you should pointed out I -- different than when I go out here and I say I'm a convicted -- object is not unethical for Warren Buffett to do that it is something He should have come about base that if cover that base okay.
Now what about the Moody's.
He owns a big state Berkshire Hathaway owns a big stake in Moody's Moody's does not downgrade.
America like -- -- and -- -- And Warren Buffett is a big -- -- President Obama who did not like the -- and they downgrade.
Is there a conflict -- that something fishy their own offs.
Yes there -- this -- is because as you said with Moody's and He has an interest but the more important thing is is that He should not kiss up to power He should be challenging power.
Because that's what America's about and that's what he's been doing.
You think America's all about challenging power you can't -- hand -- -- -- -- administration to make America about democracy supposed to be -- Was supposed to have to date that's what makes a strong.
What would you have Warren Buffett -- -- have -- -- saying mr.
Obama it's very simplistic to raise the taxes OK it's fair let's try to reform the system to make it simple.
High taxes encourages illegal behavior will also as a criminal we actually -- -- -- less money cheer as the tax rates went down.
On the rate because we have less incentive does the -- just that -- you didn't use given.
A we did a lot of things but we don't have enough time here out of how -- sets of -- to to keep.
Several several sets of books yes -- you -- fiddling -- way around the clock on the weekly everybody but.
So what's your thoughts on that -- -- politicians are no different than focusing on -- help that both sides still wolf what are you doing -- I teach federal government I teach law enforcement agencies I teach statement.
What law enforcement agency I -- that's colleges like Stanford University about white collar crime.
UT I teach about the science of the seat so you teach it from the other side of the -- this is how I did it this is satellite that.
Yes find out who this is doing takes one to know -- also the whistle blower would work I've identified several cases of accounting for involving public companies successfully.
You -- market happy go.
You know you have to live -- going forward you can't be trapped by -- you could learn from the past.
That would be tracked it passed DG did you get oval what you and not did you get -- what you did it did you get over the impact on you'll life of what you did.
Because it would it messed up I don't know it did not messed me up I gotta slap on the wrist.
Well I got it easy.
The worst thing that happened to me is my ankle bracelet went wolf while I was getting.
I was actually trumped up stuff on top -- stop -- seriously is that has once house arrest.
There at how much did you but admit to stealing.
-- -- 500 million dollars.
-- we request 500 million dollars in shareholder damages in the hundred million dollars.
It illegal insider trading profits -- my family.
A hundred million dollars with the illegal insider Trout -- -- -- 500 million in shareholder losses yet a hundred million dollars in illegal.
Insider trading profits by 100 million dollars in illegal insider trading profits by your family yes -- it all back.
It didn't have to give it back digit on me I didn't have a to give it back I didn't make the hundred million dollars a title pay and often they don't you wait -- I -- I walked away with -- civil war had no judgments against and what's -- site 30000 dollars in fines for -- fascinating cactus -- and so we -- on the program -- with.
