POLITICS

Warren Buffett eyes big bets on big government

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Politics,Beltway Confidential,Timothy P. Carney

Billionaire super-rich Barack Obama fundraiser Warren Buffett went on Bloomberg TV today and named three companies he's thinking of buying: Archer Daniels Midland, Exelon, and General Dynamics.

All three are companies that depend on Big Government for their profits.

General Dynamics is the No. four government contractor for FY 2011.

Exelon counts top Obama aides Rahm Emanuel and David Axelrod as consultants, two top Exelon advisors are Obama fundraisers, and the company -- the country's No. 2 nuclear company -- lobbies aggressively for greenhouse gas restraints that will drive more generation to their nuclear plants.

And Archer Daniels Midland, the ethanol pioneer, is legendary in the realm of public-policy profiteering. ADM profits not only from ethanol subsidies, but also from de facto subsidies for corn syrup and from export subsidies.

So there's a pattern in Buffett's investments.

I've written before about Buffett making money from  destructive policies he supports in the name of the public interest, such as bailouts, laws driving business to ratings agencies, and the death tax.

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