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."
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Reader Comments (Page 5 of 27)
12-13-2008 @ 6:23PM
Tangi said...
Loser man Buffet must worship money and not God. Over something so little and stupid, as far as I'm concerned he does not exist and will probably go to hades when he's dead. You can't serve God and money.
12-13-2008 @ 3:19PM
veronica said...
HAY WARREN i't is the season for giving...................
12-13-2008 @ 4:03PM
Donna said...
I THINK WARREN BUFFET AND JOAN CRAWFORD WOULD HAVE GOT ALONG FAMOUSLY.......
12-13-2008 @ 3:19PM
jordan77 said...
Not leaving a portion of your legacy to your children? that's weird.....Are we not family? Was she on crack? Involved in a criminal enterprise? Come one, you may not owe your offspring your entire wealth, but you should acknowledge them and respect that you were their parent by sharing when you've left this world. To me, that's a biblical principle that should be honored.
12-13-2008 @ 3:20PM
sara said...
he is a piece of crap. he thinks because he has big bucks he can be a jerk. does the fact that the kids were adopted change things for him. money does not buy happiness. maybe he should suffer some misery to humble him.
12-13-2008 @ 3:20PM
Jim said...
She's a typical name dropper with illusions of importance. She's not related to him by blood, but by some long ago dissolved marriage. Can't blame the guy for dropping her.
12-13-2008 @ 3:20PM
sara said...
and for those folks who have issues with her as she earns $40k, you are ignorant. 40k after paying for bills, rent, food, medicine, transporation, leaves nothing left. if you are earning 12k, shame on you. get an education and see what happens.
12-13-2008 @ 4:07PM
cheryl said...
What a horrible, mean, ugly thing to say to ANYONE!!! Money to Warren means more than relationships with his family? I don't care if she's adopted or not, the cold callusness of his statement makes me think completely different about him. He's upset about what she said on tv? So he says something to her even more upsetting in the public's eye? That makes a lot of sense. Money truly does not ever buy common sense. Seems to me the young lady should be more embarrased of her grandfather's behavior. I read a quote one time that seems to fit this. "Beware of those who's urge to punish is powerful."
12-13-2008 @ 3:24PM
Scrouge said...
Shame - I always liked Warren but now all I see is a cold shell of a man...Merry Christmas Warren
12-13-2008 @ 3:24PM
milly said...
For those of you who keep stating that he is not "related" to her because she was adopted, the law does not distinguish between between a natural child and an adopted child. Try to imagine a world where it did.
12-13-2008 @ 4:19PM
JAY said...
I WOULD DISOWN HER TOO. I GET BY ON 25,000.00 A YEAR AND I HAVE HEALTH INSURANCE. ALL MY WEALTHY GRANDPARENTS ARE DEAD, AND THEY DIDN'T LEAVE ME ANYTHING. I THINK THAT I'M A BETTER PERSON BECAUSE I DO THINGS ON MY OWN.
12-13-2008 @ 3:25PM
Richard said...
The Sociopaths of our country do well. That is, the very intelligent ones. Think Ted Bundy's manipulative skills turned to making money. Ya can't hardly tell them from decent Human Beans.
12-13-2008 @ 3:26PM
gary said...
It is biblical to leave an inheritance to your offspring...I dont believe in just giving money without teaching the responsiblity that goes with...we should WANT to share the wealth and the responsibilty of living prudently so that there is inheritance to pass down generation to generation...as for inheritance tax, thats BS...tax has already been paid on this money.
12-13-2008 @ 3:50PM
John of Grasonville said...
You would think someone of his age, and wealth would have more wisdom. I would like to hear what she has to say now that he dropped an atom bomb on her peashooter.
Also for you math geniuses she makes less then 50% more then the poverty line income or .5 times...Grandpa makes about 50,000 times that income...he is also worth more then the averge net worth of everyone on the internet everywhere in the world right now.
He didn t give his wealth to Bill and Melinda Gates, he gave it to their foundation...a very worthy cause. Which begs the question why are you such a dick to your grandaughter...way more to this story.
12-13-2008 @ 3:28PM
James said...
Sounds to me like gramps got his feelings hurt ! He doesn't seem to care one bit about Nicole, and acts like he never did, but If that were really so, then why would anything she had to say, bother him ? I think maybe he Is a little bit of a control freak ! As for his money, he can do with It, what ever he wants.
12-13-2008 @ 3:28PM
Carmen said...
Warren - had his day so will Nicole too. You go girl, you are working and thats a good thing- and you are NOT begging your 'big snobish' grand pa anything- Maybe it hurts him that you are not begging for his bread. I respect all working children who are finding their own way in society and if we can spur you on baby geek going.
Money does NOT bring lasting peace and contentment or joy or even real and true love. In fact the love and greed formoney has caused many a haeartaches and diseasters - so all I NEED is enough to keep me from begging. I have learned from Suzie Ormond to save and say no to non essentials and live light and sweet. I tell you it works and life is sweeter, joyful and peaceful.
12-13-2008 @ 3:30PM
jimmy said...
It would be his son that should give her money not Warren. She is not Blood in anyway to him. His son may feel to throw her a bone now and them though
12-13-2008 @ 3:32PM
ray said...
what...a...jerk!
he didn't have to write her out or reprimand her like that. she IS a stranger to him. wtf should he care?
but he does care about money. it's totally bs that he doesn't. it's the METRIC of his life, not the "spoke" of his wheel. i'll disagree with nicole on that.
it's his money to do with, i don't begrudge him his RIGHT to do with it what he wants. but i hate the "inheritance threat" these rich asshats always hang over people, usually their own families. it's disgusting and low-class imho. (i've already gifted EVERYTHING to my kids, i'm not a hypocrite)
12-13-2008 @ 3:31PM
teri said...
boy none of you must live in DC area. You cant even get by on $60,000 and that is just for one person, that is considered low income.
12-13-2008 @ 3:32PM
Wayne Smith said...
You can tell Nicole is not a Buffet by blood. She is much to pretty. Now I am as ugly as sin. So Grandpa please send me a few hundred thousand.
I am also a geek so my friend Bill gates can send me a few hundred thousand to.