Pinko alert: How Warren Buffett just inadvertently endorsed socializing Wall Street

The way the Oracle from Omaha runs his company offers some useful lessons on allocating capital

Warren Buffett
(Image credit: (REUTERS/Shannon Stapleton))

A while back, Seth Ackerman — a writer for the radical left magazine Jacobin — published a long, detailed, and bracing article calling for the socialization of the financial industry. Then, over the weekend, he got a surprising (albeit inadvertent) endorsement from Berkshire Hathaway CEO Warren Buffett.

In his annual letter to shareholders, the octogenarian investor extraordinaire gave a big conceptual boost to Ackerman's proposal.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.