The Secret Millionaires Club learns why it's important to be responsible and illustrates through an example with credit cards.
Watch Warren Buffett’s Secret Millionaires Club on the Kid Genius channel on Xfinity. Visit SMCKIDS.COM for webisodes, comics, games, and more!
Michael speaks with representatives at Goldman Sachs to purchase credit default swaps on mortgage bonds. They explain that this means he is betting against the housing market, that millions of people won't be able to pay off their mortgages. Michael surprises them throughout the conversation but especially when he asks to purchase $100 million instead of $5 million in credit default swaps.
Rodrigo Borgia insinuates that the Cardinal is taking money and asks him about how he has been handling the accounts. Guilia tells the Cardinal that double-entry bookkeeping will help trace the missing funds.
George puts a dollar in the tip jar at the pizzeria, but the counterman's head was turned and he didn't see it. George laments that it cost him a dollar, but he got no credit for it. His altruism is not pure—he gets utility not from giving, but from getting credit for giving.