President Obama honored the legacy of George H.W. Bush on Tuesday, awarding him a Medal of Freedom for his “extraordinary life of service and sacrifice.”

“Like the remarkable Barbara Bush, his humility and his decency reflects the very best of the American spirit,” Obama said of the father of the president he campaigned against so vigorously in 2008. “This is a gentleman.”

The former president was one of 15 people recognized at the White House, including the investor Warren Buffett, whom Obama praised for showing that “integrity isn’t just a good trait; it’s good for business.” Buffett is “humble and wise” but also shows that it’s OK to “make a little money along the way,” Obama said.

Buffett is “not only one of the world’s richest men,” he is “one of the most-respected,” Obama said.

Former President George H.W. Bush, German Chancellor Angela Merkel, poet Maya Angelou, and Democratic Representative John Lewis of Georgia, a leader of the civil rights movement, are among today’s recipients. Sports legends Stan Musial, of baseball’s St. Louis Cardinals, and Bill Russell, of basketball’s Boston Celtics, also were honored.

The medal is the nation’s highest civilian honor and is presented to people who have made worthy contributions to the U.S. or to world peace.

Buffett, 80, who was an adviser to Obama’s presidential campaign, is chairman and chief executive officer of Omaha-based Berkshire Hathaway Inc., which has subsidiaries in industries spanning insurance, energy and ice cream. Forbes magazine estimated Buffett’s fortune is worth $45 billion. He has pledged to donate most of it to the foundation established by Microsoft Corp. co-founder Bill Gates and his wife, Melinda Gates, as well as other philanthropic organizations.

Bush, 86, the 41st president and the father of Obama’s predecessor, was cited for his long service to the country. Before winning the White House in 1988, he was vice president under Ronald Reagan. He is a U.S. Navy veteran, was a U.S. representative from Texas, an ambassador to the United Nations, chairman of the Republican National Committee and director of the Central Intelligence Agency.

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(Source: Politico / Bloomberg)