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 3 of 27)
12-13-2008 @ 2:46PM
TL said...
Why in world do adults think they should get their parents or grandparents money. They didn't work for it. They should have to work for it the same way everyone else does.
12-14-2008 @ 3:23PM
francis said...
I guess she was right. He believes more in the almighty dollar than he does in family. I guess wealth doesn't buy brains.
12-13-2008 @ 2:50PM
geo said...
Money is a spoke in everybody's wheel, just as honesty, integrity, responsibility, and respect should be. Seems to me the title of this article should have been,"Don't Bite The Hand", or "What Goes Around", or maybe even,"R E S P E C T".
12-13-2008 @ 2:50PM
Loring Wirbel said...
Chris K. and D. Martin, you ask who should judge? A vast majority or consensus of Americans who have no bone to pick in the particular fight, can often judge rather fairly whether a person is being reasonable or stuck-in-againstness. As Buddha says, just let go. Sure the granddaughter was dumb, but it's not like she's a capital criminal or tried to embezzle his money. Jonathan Berr is absolutely correct, this is Warren's dark side and he is being petty and cruel.
12-13-2008 @ 5:59PM
John Stein said...
I agree with the comments that this is a man who with LUCK made good in the USA. Now with money to burn he wants to tell everyone else how to live. He is another rich ahole. His granddaugther should write him a letter saying she chooses to be related to human beings not MONSTERS...
12-13-2008 @ 2:48PM
Ron said...
Just because you are or think you are a member of the "Lucky Sperm Club" does not entitle you to anything. Who on "Main Street" has not had an issue with the blatant sense of entitlement at some time within today's society? "Boomerang Kids", Trust Fund Babies, over entitled adults and just plain "confused people" may soon learn the hard way. Those who understand and have a sense of responsibility will find a much easier time adjusting to our new economy. Warren Buffet has a right to do as he chooses!
12-13-2008 @ 2:49PM
Janet said...
Where's the "dark side?" It's his money and short of illegalities, it is his to do with as he wishes. Nicole can take all the education and advantages which her family provided to her and then do as her grandfather did--earn her own. She'll be a better person for it.
12-13-2008 @ 2:49PM
wsharp said...
This shows me that buffett is not only a
Sanctimonious fool but also a mean spirited twitt. All I can say is what a jerk!
12-13-2008 @ 2:53PM
Star P said...
Granddaddy Dearest....
12-13-2008 @ 2:51PM
Peanut Gallery said...
Warren Buffet has the stature of a piss-ant when it comes to helping his family; a patriarch's job. What a surprise he will have in store when he finds out that simply giving money to charity can't buy good Karma or a place in Heaven, neither of which he will see because of his selfish, greedy, anti-family attitude and actions.
12-13-2008 @ 2:55PM
Loring Wirbel said...
No, Ian, how the richest choose to spend their money is everyone's business, because it represents so much of the nation's aggregate wealth. That's why I say that Bill Gates will always be a better person than Steve Jobs, because he at least tries with his foundation to help others, while Jobs tries to help Jobs.
12-13-2008 @ 2:53PM
Mike Wichrowski said...
When I look at Warren Buffet I saw an evil manipulative old man. Who'll do anything or hurt anybody for the almighty buck!
12-13-2008 @ 2:54PM
Maria said...
I think his reaction to her comments prove her point. I admire her honesty.
12-13-2008 @ 2:52PM
Bev said...
Money, is the root of all evil
12-13-2008 @ 3:06PM
milly said...
This story is more than two years old. I wonder whom "Warren" ticked off that this is splattered on aol.com now...
12-13-2008 @ 2:56PM
Lew said...
Buffett's image is a fiction. As a long-time director (he didn't run for director this past year) of Coca-Cola, he didn't stand up to the company's human rights, labor and environmental abuses in places like Colombia, India, Mexicao, El Salvador... Why didn't he vote to investigate labor and human rights abuses in Colombia? Why didn't he vote four years in a row to have the company exert its influence to stop human rights abuses in China before the Olympics. There were such votes that he opposed. Why? Money! Lots of money that Coke makes in all these countries at the expense of the bottling plants employees.
12-13-2008 @ 2:54PM
Tim said...
People such a warren seem to think because he has all the money you could ever want that he can manipulate any one's life. I admire the fact this young beautiful lady lives by making sound decisions without a bully billionaire pushing what he thinks is the only way.
12-13-2008 @ 2:54PM
GENE said...
Everyone is ranting about this. Why I don't
know. His son divorced her mother long ago.
She was adopted not blood related. What responsibility does Mr.Buffett have towards her? Everyone has their hand out. If he had
no money he wouldn't exhist as far as she
is concerned. You people have no clue as
to why her mother married his son. Also
you don't know why he divorced her mother.
Without knowing the whole story how can you
cast a stone? Get the facts before you
judge the old man.
12-13-2008 @ 3:00PM
h said...
Wow. Hard to tell who the child is! Like there isnt enough money in that family to go around. Working so hard your whole life to have so much and then leave your loved ones without, well lets just say thats going to be how he is remembered. His legacy is his family and I wonder what they will say when he is gone. We all die but we live through those that remember us. The Gates foundation wont remember anyone. Bad choice for a guide that has made so many wise ones.
12-13-2008 @ 2:56PM
Katie said...
Mr Buffett doesn't know what it's like to be poor, either. Go to this website and read his biography. He was raised by a stockbroker! He went to good colleges! THAT is sure as hell not poor! He just has a big head now, and donating all his money to Bill Gates' foundation won't buy his dumbass a place in Heaven. What he said to this adopted granddaughter undermines anything charitable he has/will done/do.
http://beginnersinvest.about.com/cs/warrenbuffett/a/aawarrenbio.htm