Bloomberg News published its first Bloomberg Billionaires Index—and its founder, Mayor Michael Bloomberg, is nowhere to be found! Probably because his net worth is estimated to be in the $20 billion range. The biggest billionaire is Carlos Slim, the Mexican mobile phone mogul (and NY Times lender), whose net worth is $68.5 billion; number two on the list is Bill Gates ($62.4 billion) and Warren Buffett ($43.8 billion). And the richest European? Ingvar Kamprad, whose IKEA empire has given him a fortune of over $40 billion. more ›

A version of the "Buffett Rule" was introduced today by Senate Democrats after a call by President Obama for the super-rich to start paying their fair share in the State of the Union Address last week. Senator Sheldon Whitehouse, a Democrat from Rhode Island, formally introduced what he's calling the "Paying a Fair Share Act of 2012." Under the law, millionaires would pay a minimum 30 percent effective tax rate, or more than double what millionaire Mitt Romney has been paying. According to the Congressional Research Center, approximately 94,500 taxpayers, a quarter of all U.S. millionaires, pay a lower tax rate than the vast majority of middle-income taxpayers. While potential revenue has yet to be formally calculated, Whitehouse estimates that the law could generate $40-50 billion annually. more ›

Guess it's time to just admit that it's Jay-Z's world now, and we just live in it. Everything he does is a headline these days. But really, unless you're billionaire investor Warren Buffet, you aren't gaining access to that world. What? That's right, the legendary investing tycoon was throwing up Roc hand-signs at the rapper's 40/40 Club party last night. Really! more ›

Warren Buffett, "very decent" billionaire who wants higher taxes, isn't worried about a double-dip recession. The Oracle of Omaha told Andrew Ross Sorkin, "It's very, very unlikely we'll go back into a recession... We're coming out of a recession." So there! more ›

Billionaire interior decorator Michael Bloomberg feels that he and his fellow wealthy Americans pay plenty of taxes, thank you, and that Warren Buffett is a drama queen. "I think a lot of it is just theater," the mayor said today on Meet the Press. "If Warren Buffett made his money from ordinary income rather than capital gains his tax rate would be a lot higher than his secretaries…in fact a very small percentage of this country pay a big chunk of the taxes." Bloomberg would seem to have a point except for the fact that most of the rich don't earn money from wages: at least 60% of their income comes from capital gains. more ›

As poll after poll shows his support eroding among independents and his base, perhaps President Obama has finally started losing some sleep. Tomorrow, Obama will propose a new tax rate for millionaires so that they will pay at least the same percentage as the 15 or so people still in the middle class. Dubbed the "Buffett Rule," after the billionaire grandpa you never had who has repeatedly said that the rich aren't taxed enough, Obama is seeking to force Republicans to choose between defending the wealthy and helping everybody else. Can you guess which side the Republicans will choose? Hint: it rhymes with "itch people." more ›

Bank of America says that Berkshire Hathaway, headed by tax-loving billionaire Warren Buffett, will invest $5 billion as the company tries to emerge from its disastrous, economy-wrecking involvement with subprime mortgages. BoA's shares have recently fallen to two-year lows, so this news has helped: An analyst told Bloomberg News, "This is a tremendous vote of confidence in the U.S. banking industry as well as Bank of America. Bank of America was being punished or victimized as one of the weakest U.S. banks that could be in financial distress. For Buffett to step up like this for BofA has implications for all the other banks." more ›

Atheists have been trying to get out their message, from city bus ads to the recent controversial billboard displayed at the Lincoln Tunnel which prompted a counter-billboard from the Catholic League. The latest: Co-opting rich billionaires into the act. Recently, the Illini Secular Student Alliance (ISSA), at the University of Illinois, launched a bus ad campaign to set the record straight when it comes to the charitable atheists of our world. more ›

Buffett also thinks that the GOP should back President Obama's efforts to help the economy and tried to put it in an war-framework, "They really do have an obligation to support things that are clearly designed to fight the war in a big way...I think that the Republicans have an obligation to recognize this as an economic war and realize you need one leader." However, Buffett also acknowledged, “You can’t expect people to unite behind you if you’re trying to jam a bunch of things down their throat." Last year, Buffett likened the economic crisis to Pearl Harbor—and that was only in September! more ›

Billionaire investor Warren Buffett announced he will buy $3 billion in G.E. preferred stock, "G.E. is the symbol of American business to the world... They have strong global brands and businesses with which I am quite familiar. I am confident that GE will continue to be successful in the years to come.” G.E.'s stocks dropped this morning. Eight days ago, he invested $5 billion in Goldman Sachs. In the meantime, the Senate will vote on bailout legislation tonight and stocks are basically unchanged from yesterday. more ›

Yesterday was a mixed day for the financial sector. Congress still had questions about the government's proposed $700 billion bailout plan for financial firms, sending the market down. But the after-market close announcement that Warren Buffett would invest $5 billion in Goldman Sachs has sent stock futures higher. But now there's word that the FBI is searching for possible fraud at Fannie Mae, Freddie Mac, Lehman Brothers and AIG. more ›

Well, if it's good enough for Warren Buffett... The Oracle from Omaha's company announced it will invest $5 billion into Goldman Sachs, the investment bank-turned-bank holding company. The Wall Street Journal reports, "In addition to the $5 billion from Berkshire Hathaway, which comes in the form of perpetual preferred shares, Goldman will raise at least $2.5 billion in common equity in a public offering." Goldman chairman Lloyd Blankfein said, "We are pleased that... Warren Buffett, arguably the world's most admired and successful investor, has decided to make such a significant investment in Goldman Sachs," while Buffett called the firm "exceptional," "It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance.” Will this be the boost of confidence investors need? more ›