In a time when bailed out Wall Street firms are reporting multi-million dollar payouts to executives for 2009, Warren Buffett, the Oracle of Omaha took just $100,000 from Berkshire Hathaway, the company he led to a 60 percent earnings increase in 2009.
The $100,000 annual salary last year, marks the 29th straight year that Buffett’s compensation remained unchanged. The news is likely well received, coming at a time when top executives at big banks, such as Wells Fargo (NYSE: WFC) paid their CEO a $21.3 million compensation package for 2009. JP Morgan Chase (NYSE: JPM) paid its CEO Jamie Dimon about $16 million in bonus and compensation for 2009. Last year was the first profitable year for these institutions after suffering massive write-downs and losses the prior two years.
Buffett, 79, is Berkshire’s largest shareholder, directly tying his best interest to the performance of the company. Last year, he helped direct a 20 percent increase in shareholder equity, but took no bonus from the company.
Charles Munger, the company’s vice chairman, also received a salary of $100,000 in 2009. Munger and Buffett also reimbursed Berkshire for the use of postage, phones and staff that handled personal tasks, according to a regulatory filing. Buffett paid out $50,000, basically half his salary, to Berkshire to cover his personal expenses for the year.
Buffett also serves as the chief executive officer of Berkshire Hathaway and is the second richest person in America, according to Forbes magazine. Bill Gates, chairman of Microsoft Corp (NSDQ: MSFT) is still ranked as the wealthiest America.
