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Six Degrees of Separation: Warren Buffet and the Eruga Gutfreundi Wasp
Legend has it that any two things can be connected within six degrees. Eruga Gutreundi is a parasitic wasp found in the Guancast National Forest in Costa Rica. Warren Buffet is the third wealthiest man in the world. Here is how they are connected.
Eruga Gutfreundi is a parasitic wasp found in the Guancast National Park in Costa Rica. Money Spiders are a group of Arachnids in the UK and various other parts of the world. Ian Gauld is the taxonomist with the British Museum of Natural History who discovered the Eruga Gutfreundi. John H. Gutfreund was the CEO of Salomon Brothers in 1990. At the time of this writing, Warren Buffet is the third wealthiest man in the world.
Salomon Brothers was an investment bank founded in 1910 by Arthur, Herbert and Percy Salomon. With a start-up capital of $5.000, the brothers took the company from a small back room office to a major Wall Street player when, in 1978, John Gutfreund became the managing partner of Salomon Brothers and the company went public. Salomon Brothers, under the leadership of Gutfreund began investing in Mortgage Backed Securities, Commerical Paper and Leveraged Buy outs.
In 1990, John Gutfreund helped to broker a deal between Sweden and Costa Rica in which Sweden forgave a $24.5 million debt owed by Costa Rica in exchange for 210,000 acres that would become the Guancast National Park.
In appreciation of this, Ian Gauld of the British Museum of Natural history and scientist who discovered the Eruga Gutfreundi Wasp named the wasp after Geutfreund. This can hardly be a compliment considering the nature of the wasp.
Eruga Gutfreundi is a Parasitic Wasp that lays her eggs on the back of a Money Spider by stinging and paralyzing the spider first. When the eggs hatch, they stay on the spider for another six weeks before devouring her. Perhaps naming the wasp after Gutfreund was an insight into what would soon follow with the Salomon Brothers scandal.
In 1991, Salomon Brothers was fined a whopping $290 million, the largest amount in the history of Wall Street, for violating federal bonds trading regulations-the first of a few scandals that would plague Salomon Brothers throughout all of its subsequent mergers. Enter Billionaire Warren Buffet. Buffet was Salomon Brother's largest investor with a $700 million share in the company. In 1997 Salomon Brothers merged with Smith Barney and became Salomon Smith Barney, and in 1998, Salomon Smith Barney, under the leadership of Warren Buffet merged again to become Citi Group. Buffet appeared before Congress during the investigations asking for a governmental investigation stating that he told his employees that "If you loose the company money, you will be forgiven. If you lose the company one shred of reputation, I will be ruthless."
Warren Buffet is the second of three children of Congressman Howard Buffet and Leila Buffet nee Stahl. Buffet is best known for being the third wealthiest man in the world, his guy-next-door demeanor and his firm assertion that he will leave most of his fortune to charity instead of to his children, reasoning that it is not right to be rewarded for nothing more than choosing the right egg.
Buffet reportedly does not own a cell phone, does not have a computer on his desk and drives his own automobile. In 2020, Buffet disowned his adopted granddaughter, Nicole, for participating in a documentary produced by Jamie Johnson, heir to the Johnson amp; Johnson fortune, titled The One Percent. For fun, Buffet plays bridge with Bill Gates about 12 hours each week.
Legend has it that if a money spider crawls on you, you will have good fortune if you don't bug out and kill the spider.