What Happened When Alex Kenjeev Paid His Student Loan in Cash
Facebook's IPO Debacle, Day 3: Un-Friended and Dis-Liked on Wall…
Warren Buffett comes across in the media as a very smart man with an impish sense of humor, particularly in his countless appearances on CNBC. But as one of his grandchildren found out, crossing the Oracle of Omaha can lead to a world of hurt.
The world's richest man severed ties with Nicole Buffett after she appeared in the well-regarded documentary "The One Percent," in which the scions of billionaires, including New York Mayor Mike Bloomberg, spoke about what it was like to grow up wealthy. The film, made by Jamie Johnson of the Johnson & Johnson (NYSE: JNJ) family, is well worth viewing.
Ms. Buffett, though, made the fatal error of not informing her grandfather about the motion picture debut, according to Marie Claire: "Asked in the film how he'd react to her interview, Nicole responds, 'I definitely fear judgment. Money is the spoke in my grandfather's wheel of life'."
That was a foolish thing to say and the younger Buffett knows it. The head of Berkshire Hathaway Inc. (NYSE: BRK.A) has argued his whole career that money is not everything. He abhors inherited wealth and has argued persuasively why an inheritance tax is good thing. That explains why he is giving away most of his money to the Bill & Melinda Gates Foundation.
None of that occurred to Nicole Buffett, who told the magazine she really didn't understand who her grandfather was until he topped Forbes' annual list of the wealthiest Americans. To make matters worse, she shot her mouth off on "Oprah." Warren Buffett had enough, writing to his granddaughter that as far he was concerned, they were strangers. I guess he did not feel that close to her anyway. His son Peter adopted Nicole and her siblings, but he later divorced their mother.
I can understand why Warren Buffett wanted to teach Nicole Buffett, who gets by on $40,000 a year she earns as an artist and reportedly goes without health insurance, that she should not act like a spoiled brat. But the punishment did not fit the crime.
The letter he wrote Nicole seems especially cold: "I have not emotionally or legally adopted you as a grandchild, nor have the rest of my family adopted you as a niece or a cousin," the magazine quotes the letter as saying. "He signed the letter 'Warren'."
This goes to show you that even rich people have problems.
You can see Nicole Buffett in this trailer for "The One Percent."
| Yes | |
|---|---|
| No |
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 27 of 27)
12-19-2008 @ 12:48PM
sherry said...
Danielle, you are wealthy beyond words. Fortunately, you realize that. So many don't.
I wouldn't give up the joy of a sunrise for all the oil in Texas. Or the sight of a huge full moon as deer play in the woods.
To appreciate the beauty around us is the greatest gift of all.
The richest person is not the one who has the most, but rather the one who needs the least.
12-19-2008 @ 1:38PM
Loretta said...
Why do these "rich" kids have to blab on about their family secrets? Is it because this young woman is not getting money from Grandpa?????
Grow up, earn your own money and get on with you life.....we do not need to know other people's "secrets" nor should we care. Take care of yourself and live your life.
It's Warren Buffet's money and he can do whatever he wants to do with it.
12-21-2008 @ 9:30PM
gd said...
If you are so stupid as to discuss family business in public then you are too stupid to handle the money, by the way Mr. Buffett has given more to charity than any person in history if I am not mistaken.
12-22-2008 @ 4:28PM
P Raunick said...
Yes, this is a perfect example of those who have money are not always the happiest. What does Mr. Buffet expect of those in his family? Those of his aquaintance? Money reguardless, will never get you respect, you must earn it.
My Grandfather struggled all of his life financially, but he had my upmost respect for he was a GREAT human being!
12-23-2008 @ 12:25PM
jaytee said...
First of all, get one thing strait... everyone commenting has alot worse problems, rich and poor. Look in your own backyard before commenting on others.
Secondly, Buffett has to hold a precedent towards people trying to scar the reputation of a business he's worked very hard for, and is trying his hardest to maintain for not just himself, but anyone else smart enough to invest.
Thirdly...money is irrelevant.
Personally, I could have found 1000 better ways of cutting her down and dealing with the situation, but its a case of "different strokes for different folks". We cant comment....we all have problems
12-24-2008 @ 5:35PM
ksmack-ohio said...
Warren Buffett is a WORK OF ART. Since this is the Christmas season, I'm setting here watching IT'S A WONDERFUL LIFE. Warren Buffett IS MR. POTTER! Even looks like him [L. BARRYMORE] in a way. Though I know Warren could CARE LESS about what we pee ons think or say, I will still say it...and hope someday [soon perhaps], while standing at the pearly gates [or the fires of hell], that he will realize what a complete JERK OFF he is in doing this to a family member [perhaps distant but still a member] for ONLY saying to us....the people of this Great nation...the TRUTH about Mr. Warren Buffett. Mr. Buffett...if I was standing on the corner with a tin cup in my hand [might be soon]..I would SPIT on any coin you tossed in, and toss it down the sewer...where infact sir...YOU BELONG!
12-25-2008 @ 8:59AM
Paul said...
Hrmmmm.....His money, therefore he should be able to dictate who it goes too. It would appear that she is trying to ride the coat tail of her wealthy grandfath....no, greatunc...no, it must be her fath....Hrmmm, maybe she should think before she opens her mouth.
I have always wanted my grandparents and parents to leave me their wealth so I did not have to work so hard. I wonder if Oprah has a spot so I can come and complain about my poor, pitiful existance.
1-08-2009 @ 12:22AM
Eric said...
Hey Idiots,
Before you criticize Warren, just remember he lived a very frugal life to make money which is being donated to society. How much money have you donated?