Buffett has long said such trading would be a conflict of interest, and Berkshire policies prohibit it.
The Big Story
Thu. Nov 9, 2023
Buffett has long said such trading would be a conflict of interest, and Berkshire policies prohibit it. But confidential records show that, on at least three occasions, he sold millions of dollars of shares in stocks that Berkshire was trading.
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The Secret IRS Files
It’s a simple bargain: The rich get huge tax breaks by donating art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.
Secret IRS records reveal dozens of highly fortuitous biotech and health care trades. One executive bought shares in a corporate partner just before a sale, and an investor traded options right before a company’s revenues took off, netting millions.
What’s the only thing better than having your own Gulfstream jet? Why, getting to claim millions in tax deductions for it. All you have to do is make a case you’re using it for business, which turns out to be surprisingly easy.
Never-before-seen IRS records show that CEOs are sometimes making multimillion-dollar bets on the stocks of direct competitors and partners — and doing so with exquisite timing.
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
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