Cutting jobs standard capitalist stance: Billionaire Buffett
Billionaire Warren Buffett, defended buyout house 3G, with which he attempted to take over Unilever, by saying it was following a “standard capitalist” stance to doing business by slashing costs and cutting staff. “They have followed the standard capitalist formula...of trying to do the same business with fewer people,” Buffett said. He though acknowledged that cutting jobs can be “painful”.