Fox continued their long history of attacking billionaire investor Warren Buffett recently after news broke that he invested $5 billion in Bank of America. As The Washington Post noted, Buffett's investment was “a much-needed vote of confidence that sent the beleaguered bank's stock soaring 9 percent.”
While ignoring Buffett's long history of investing in banks to speculate that his investment was intended to help Obama, Fox Business host Stuart Varney chose to instead absurdly attack the investor for making “a big profit.”
After Fox, who typically supports policies that favor the wealthy, aired a parade of attacks on Buffett for his investment, centering on the “conspiracy” that his investment was made for the purpose of re-electing President Obama, Fox Business host Stuart Varney appeared on Fox & Friends to complain that the investment "[p]rops up Bank of America's stock price" while Buffett “walks away looking like the man who saved the banking system. In fact, Warren made a tidy sum of money by doing this. He gets 6% interest on his investment and he's got the right to buy 700 million Bank of America shares, big profit in the future.”
Varney is right, Buffett will make money from the deal, which was called a “guaranteed profit” by The New York Times. But the complaint is surprising coming from Varney, Fox's pro-wealthy crusader, who has complained that tax rates for the wealthy are “not moral,” has attacked the IRS for going after super-rich tax evaders, and has downplayed the hardships of poverty by pointing to appliance ownership.
For Fox, when it comes to Obama supporters, apparently it's ok to “demonize you if you make a profit.”