BYD Buffett Subsidy

http://www.futureofcapitalism.com/2010/09/byd-buffett-subsidy

Reason magazine notices the Los Angeles Business Journal's article about a $5.2 million city of Los Angeles subsidy for China-based electric-car maker BYD, which says it will bring between 46 and 102 jobs to Los Angeles. Warren Buffett is a BYD investor, so the Los Angeles taxpayer are effectively subsidizing him. This, like TARP for Mr. Buffett's/Berkshire Hathaway's financial industry investments and the high-speed-rail "stimulus" for his Burlington Northern and Santa Fe railroad, is one to remember the next time Mr. Buffett starts pontificating about how his taxes and those of his competitors should be higher.

Thanks to the reader-participant-community member-watchdog-content co-creator who sent the tip.

by Ira Stoll  |  Sep 8, 2010 at 12:35 pm Related Topics:  Auto Industry, China, Energy, Reverse Robin-Hood, Taxes, Warren Buffett receive the latest by email: subscribe to the free futureofcapitalism.com mailing list