FINANCE

Guardian: Arise, investors, says Buffett
US investment guru calls for shareholder revolt against boardroom greed

Warren Buffett, the billionaire investor, has urged shareholders to rise up against greedy executives, in a searing weekend attack on rising pay and the

business practices that grew out of the dotcom boom.
Mr Buffett was particularly critical of the trend to report Ebitda - earnings before interest, tax, depreciation and amortisation - which became popular in the 90s and remain so today. His long-time business partner at investment fund Berkshire Hathaway, Charlie Munger, summed up their attitude: "Wherever you read Ebitda, you should substitute it with 'bullshit earnings'. "

At the annual shareholder meeting of Berkshire Hathaway, in Omaha, Mr Buffett also delivered a brutal assessment of the $726bn tax cuts proposed by President Bush, which, he said "screamed of injustice" to the poor.