Bankers feel ‘unloved’ by Obama, says Buffett

3 October 2011

US bankers do not believe they have the backing of US president Barack Obama and are subsequently withholding any funds for his election campaign, Warren Buffett has said.

The comments come as the well-known investor and chief of Berkshire Hathaway looks to garner more support for the incumbent’s plans to retain his post at the White House.

In an interview, Mr Buffett said: “Wall Street certainly doesn’t feel loved. I think there was some rhetoric that contributed to that.”

“You take the number of people making a million dollars or over on Wall Street and you can fill a very large auditorium. I think the president felt, 'My God, look at all the things we did for business, and they're unappreciative, and I'm all that stands between them and the pitchforks'."

President Obama has been accused of instigating a class war by some Republicans by looking to raise taxes for the wealthy.

He is believed to have asked Congress to bring in the Buffett rule, which would mean those earning $1 million need to pay a similar rate of tax to middle-income Americans.

By Jim Ottewill

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