Market Overview

Ken Langone Lets Loose on the Elderly, Big Banks

Billionaire venture capitalist of The Home Depot (NYSE: HD) and Yum! Brands (NYSE: YUM) fame Kenneth Langone appeared as a guest-host on Bloomberg Television's "Market Makers" Friday.

From robbing this nations youth to President Obama, Langone gave his take on many issues confronting the nation and the market.

He says that it's proof positive that the old are stealing from the young. He calls it math.

"These kids are going to be busted," said Langone.

He continued to talk about generational theft, saying that he personally, along with others, are robbing them blind.

"I like to get a bunch of old geezers in the room and say, you're on an island with your grandchild. You have one meal left. One of you is going to starve to death earlier than the other. What are you as a grandfather [going to] do? Everyone one of them, I'd give it to my grandchild. Right? They're not doing that now. We are not doing that now," said Langone.

He went on to discuss how he made his way to levels of monumental success.

"I won. This country gave me such an enormous opportunity and I had so many people helping me along the way. Guess what? It works! But we have to stop this, because we will go broke and these kids are being ripped off," said Langone.

He also addressed the "let government do it," view that he sees being expressed by many that say Obama simply isn't focused on helping businesses.

"I think the administration, I'm sorry to say, it is anti-business. I think the administration, I don't know, I can't prove it, my opinion -- my gut says, 'if you're a business man, we don't like you,'" Langone mused.

To Langone, it's an ongoing battle.

"This argument big government vs. small government. That's a valid conclusion of where we are…If we are capitalists, and we are, we'll figure out a way to get the job done in a way that the customer is satisfied and we treat our shareholders right," said Langone.

And when it comes to bank directors, he thinks that they can't be paid enough. Langone called himself a serial over-payee by saying, "ask Eliot Spitzer."

"It is not a matter of how much pay them, but their motives. I believe every single director that signs on does not get any money. The money you agree to pay them goes towards buying stock until they have a certain amount of money invested in that company," Langone said.

Langone called JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) (he invests in both) the best run banks in America.

Posted-In: Barack Obama Eliot Spitzer Ken LangonePolitics Topics Hot Media General Best of Benzinga

 

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