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."
Reader Comments (Page 2 of 27)
12-13-2008 @ 2:29PM
ryguy said...
no one needs to be that rich, it's rediculous
12-14-2008 @ 1:56PM
rick said...
I feel very sorry for Warren Buffet, he is apparently a cold and lonely jerk. I am obviously much happier with a lot less money.
12-13-2008 @ 2:31PM
Danielle Clarke USA vietnam vet said...
Being poor allows one to really really appreciate working hard and earning things.
It also allows one to be closer to nature. Like the animals who exist because of the grace of above we poor also exist and florish and are clothed in the beauty or simple moments. However, we have millions of simple moments each and every day. :)
12-13-2008 @ 2:33PM
Dave said...
Buffet can do what he wants with his money, but to argue that inheritance tax is a good thing is just plain stupid. If I earn my money and pay taxes on it why should the government prosper from my hard work when I die. I'll leave my money to whomever I want and I don't want the government to have any of it since it's already been taxed! Let him leave all of his to the government. Especially since they do such a great job with the money they already get.
12-14-2008 @ 7:03PM
Vin said...
It is sad to read such a hurtful letter and for what purpose? Why would anyone want to hurt someone in that way? I also dealt with hurtful family (not adopted) and suffered clinical depressions because of it, so I know something about it but even now could not do anything in retaliation. What's the point? I think Mr. Buffet should rethink the way he feels about this woman and look at her as a human being with feelings even if her judgment is unwise.
12-13-2008 @ 2:36PM
Tim said...
It's Warren's money. He can (and should) do whatever he wants with it.
I see his points on inheritance taxes - but don't agree with them.
12-13-2008 @ 2:36PM
Rocky said...
I think wealthy should put that money back into economy by creating jobs instead of giving it children who squander it like spoiled brats, the children should have to earn their own on their own.
12-13-2008 @ 2:36PM
BOINK WARREN said...
BUFFETT IS A LOATHSOME AND DISGUSTING EXCUSE FOR A REAL PERSON. IT SEEMS THE ONLY THING HE REALLY CARES ABOUT IS HIMSELF AND THE MONEY HE USES AS A RECKLESS TOOL. I THINK OBAMA SHOULD RECONSIDER HIS TIES TO THIS ARROGANT AND PAINFULLY IMBICALIC BILLIONAIRE.
12-13-2008 @ 2:40PM
justanumber said...
Its strange, they are both so rude to each other and so out of touch with reality in respect to wealth they are related in spirit but not by blood(sorry but 40,000 is 2x what I make but I have my own health insurance)However you shouldn't expect anything if your family is wealthy either.Make your money and spend it as you see fit
12-13-2008 @ 2:38PM
tim nelson said...
money is the "ROOT" of ALL evil, period. the things you do with it has no bearing on how big an a..hole you truly are!!! when you donate your money to the devil himself {gates} then that just goes to show how ignorant and arrogant you really are MR. Buffoon!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!and that's what's really wrong with this country, the 1% of the people that have control of all the money haven't got a clue what to do with it.......so they either just simply blow it all or give it all away....to other one's who've already got more than they will ever use, even in 1,000,000 peoples lifetimes!!!!!
12-13-2008 @ 2:38PM
ed said...
WHAT A GENERIC QUESTION
12-13-2008 @ 2:39PM
sandy said...
He doesn't owe her anything, she isn't his granddaughter. Let her support herself. Where is it written that he has to support her?
12-13-2008 @ 2:42PM
Teresa said...
I don't think Warren Buffet is obligated to leave money to his granddaughter. She doesn't seem to appreciate it anyway. I help my adult children whenever I can, but I also make it clear to them that they are expected to work for a living...just I had to. I think that anyone who has to work for their money generally appreciates what they have more than those who just have it given to them. We should all appreciate what we have and not constantly compare ourselves either to those wealthier than us, or to those less fortunate.
12-13-2008 @ 2:41PM
mike said...
typical rich ass... holding his wealth over his family... that if they don't toll the line, and live to his standards, they are not worthy to inherit his money. it's not like she's a drug addict or mass murderer...
what an ass!!
12-13-2008 @ 2:43PM
mama said said...
mr buf stick it in you a-- the money will be spent after you are dead and gone by people you don't even know that makes you a real big guy give it to strangers not one of your family you are an old bitter man who wants to use the money to control your family do what i want or i will cut you off this seems to be the attitude of a lot of older people they want to use their money to control family this is sad family can mark you off as well and the grandaughter is better off without you and the money so stick in you a-- and go to hell with it
12-13-2008 @ 2:43PM
Kevin said...
Only an asshole would write such a mean spirited letter to his son's adopted child saying that the rest of the family didn't adopt her. I don't care how much $$$ he has, I would tell him to his face what George Bailey said to Mr. Potter; "You're a warped, frustrated old man."
12-13-2008 @ 2:45PM
Evon said...
I understand that because of the lifestyles and vulnerabilities of wealthy people most of them have healthy respect for their privacy. I really don't blame them. The news media are like vultures when it comes to meddling into the lives of the rich and famous. I feel sorry for this young lady however, I'm sure if she could take it back, she would. Maybe someday Mr. Buffet will forgive her.
12-13-2008 @ 2:47PM
Maria said...
Mr. Buffet's comments were insulting and mean spirited. He is speaking for his family although they are silent. An adopted child is "family". What a cold heartless person he is. As with wealthy families...to have a voice is to get approval from the "almighty" patriarch...no thanks, I'll pass!!
12-13-2008 @ 2:45PM
Victoria said...
If she wants money and an inheritance, it should come form her parents.
12-13-2008 @ 2:47PM
Rob said...
Warren I'm shocked, that the genius you are and have consistantly proven beyond anyones understanding coupled with your constant encouragement of young people to excel, to find and productively use their own identy that you would be anything less than "extremely proud" of your grand daughter. Our kids may not agree with us nor we with them and we know they can't possibly have the insight nor wisdom we've hopefully attained over time BUT she has an opinion, not abusively spoken or construed. She speaks intelligently offering a minimal insight into a VERY PRIVATE FAMILY. Fortunately she is by choice NO PARIS HILTON.
I've experienced the Buffet generousity personally. People have no earthly idea what you do privately for many who have genuine unforseen emergencies to deal with.
I would have said it differently and publicly. My grand daughter and I often agree to disagree. I appreciate and respect her opinions and her right and responsibility to share things as she sees them.
Warren, Sir, When it comes to FAMILY it is not a cut and dried as the ruthless world of big business. Family is about legacy and Family is forever. Nobody knows to much about what you do because you are such a private individual. I certainly respect your privacy but I'd love to sit down for an hour, talk, learn and share a DQ Blizzard and a Cheeseburger. Maybe next time you come to "W" in NC? OK I'll buy! On behalf of all those who really don't have a clue, myself included on many fronts. THANK-YOU