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Keyword: berkshirehathaway

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  • Warren Buffett's Massive Railroad Lobby

    11/19/2014 8:07:04 AM PST · by upbeat5 · 41 replies
    Muckety ^ | May 5, 2014 | Laurie Bennett
    What do train whistles and Warren Buffett have in common? If you answered old-fashioned charm, you’re wrong. The Sightline Institute, a Seattle-based think tank, calls the avuncular billionaire “the man behind the exploding trains.” Buffett’s company, Berkshire Hathaway, owns Union Tank Car Company, North America’s largest leaser of tank cars. Berkshire also owns BNSF Railway Company, which moves many of those cars.
  • Hard to swallow? Burger King may move to Canada

    08/25/2014 12:39:26 PM PDT · by Olog-hai · 42 replies
    Associated Press ^ | Aug 25, 2014 3:33 PM EDT | Candice Choi and Michelle Chapman
    Some Burger King customers are finding it hard to swallow that the home of the Whopper could move to Canada. Investors seemed to welcome the announcement by Burger King late Sunday that it was in talks to buy Canadian coffee-and-doughnut chain Tim Hortons and create the world’s third-largest fast-food restaurant company. The news pushed shares of both companies up more than 20 percent. But customers were already voicing their discontent with the 60-year-old hamburger chain because of its plans to relocate its corporate headquarters from Miami to Canada in a deal that could lower its taxes. …
  • Ohio senator: Boycott Burger King

    08/25/2014 11:47:34 AM PDT · by jazusamo · 102 replies
    The Hill ^ | August 25, 2014 | Peter Schroeder
    Sen. Sherrod Brown (D-Ohio) is urging consumers to boycott Burger King over reports that the fast food chain is eyeing a tax-cutting move to Canada. Brown, an outspoken corporate critic, said people hankering for a burger should head to Wendy’s or White Castle, two Ohio-based chains that aren’t looking to shrink their tax bill via a so-called “corporate inversion.” “Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders,” he said in a statement. “Burger King has always said ‘Have it Your Way’; well my way is to support...
  • Burger King: 'Enemy of the people' -- Another Case of Giant Tax Inversion

    08/25/2014 8:12:38 AM PDT · by SeekAndFind · 52 replies
    Hotair ^ | 08/25/2014 | Noah Rothman
    Comrades, there are wreckers in our midst. The industrialist reactionaries at Burger King have declared their intention to abandon the struggle and join the ranks of the enemy in rightist Canada. That’s right. The traitorous corporation Burger King plans to take advantage of the fact that America’s English-speaking neighbor to the north maintains the second-lowest corporate tax rate of any G-7 nation. How dare they? “The iconic American fast-food brand is in talks to buy coffee-and-donuts chain Tim Hortons and move its headquarters to Canada,” Forbes reported. If concluded, this deal would create the world’s third-largest restaurant company and allow...
  • How Warren Buffett Milks Consumers & Taxpayers Through Wind Energy

    05/28/2014 10:45:21 AM PDT · by george76 · 9 replies
    NLPC ^ | 05/21/2014 | Fred N. Sauer
    wind energy is highly inefficient and requires additional transmission lines and back-up gas generators when the wind doesn't blow. Yet, windmills keep getting built, thanks to government subsidies. But it is very hard to trace these subsidies. Vague statements about "tax credits" and "mandates" give no hint of the magnitude of returns that these subsidies provide to crony windmillers. Indeed, in the Carnahan Special Report, we had to burrow into financial statements of a foreign company and its subsidiary to understand where all the money was going. The principal information was buried in an arcane note to these financial statements....
  • Buffett reassures investors on his firm’s future

    05/03/2014 1:00:23 PM PDT · by Olog-hai · 2 replies
    Associated Press ^ | May 3, 2014 2:41 PM EDT
    Billionaire Warren Buffett says he remains confident in his company’s prospects even though he recommended in his will that most of his wife’s inheritance be invested in an S&P 500 index fund. […] Buffett says his plan for his wife’s inheritance is designed to provide peace of mind, not generate growth. …
  • Online newspaper Alaska Dispatch buys Anchorage Daily News for $34 million

    04/16/2014 6:47:00 PM PDT · by george76 · 4 replies
    ap ^ | April 8, 2014 | MARK THIESSEN
    Alaska Dispatch Publishing LLC, the parent company of the online newspaper the Alaska Dispatch, will purchase the Anchorage Daily News from The McClatchy Co. for $34 million. The sale is expected to close in May. ... Billionaire Warren Buffett's company, Berkshire Hathaway, owns 31 small- and medium-sized daily newspapers. It has bought most of those newspapers since 2011 at bargain prices. Including weekly papers and other publications, Berkshire owns 70 newspapers.
  • New owners offer buyouts to Pittsburgh Heinz staff

    04/15/2014 4:00:05 PM PDT · by Olog-hai · 18 replies
    Associated Press ^ | Apr. 15, 2014 12:23 PM ET
    The new owners of H.J. Heinz Co. have offered buyouts to all workers in Pittsburgh, where the ketchup-and-food giant has been based for decades, but insist the offer doesn’t signal a plan to move the company’s headquarters. Instead, Heinz officials said the buyout is being offered because the new owners Berkshire Hathaway and Brazilian investment firm 3G Capital recognize the company’s new culture might not be “the perfect fit” for longtime Pittsburgh-based employees. Heinz officials said any workers who quit will be replaced, leaving the company with the same number of workers in Pittsburgh. …
  • Warren Buffet's Berkshire Hathaway posts record profit in 2013

    03/01/2014 5:51:18 AM PST · by SeekAndFind · 11 replies
    Reuters ^ | 03/01/2014
    Warren Buffett's conglomerate Berkshire Hathaway posted a record profit in 2013, jumping 31 percent over the previous year, the company said in its annual report, released on Saturday. Profit for the full year rose to $19.5 billion from $14.8 billion in 2012. Net income rose to $4.99 billion in the fourth quarter, or $3,035 per Class A share, from $4.55 billion, or $2,757 per share, a year earlier.
  • Warren Buffett’s firm acquiring Phillips 66 unit

    12/30/2013 9:07:48 PM PST · by Olog-hai · 21 replies
    Associated Press ^ | Dec 30, 2013 6:12 PM EST
    Warren Buffett’s company has agreed to trade roughly $1.4 billion of its stock in Phillips 66 for one of the refiner's chemical businesses. Houston-based Phillips 66 said Monday that Berkshire Hathaway will give up about 19 million of its 27.2 million Phillips 66 shares to acquire a business that makes additives that help crude oil flow through pipelines. …
  • Heinz closing 3 plants, cutting 1,350 jobs

    11/14/2013 4:20:41 PM PST · by Olog-hai · 34 replies
    Associated Press ^ | Nov 14, 2013 5:45 PM EST
    H.J. Heinz Co. is closing three plants in North America and cutting 1,350 jobs in an effort to operate more efficiently. The food maker said Thursday that it will close facilities in two states and Canada over the next six to eight months. The cuts total 200 jobs in Florence, S.C., 410 jobs in Pocatello, Idaho and 740 employees in Leamington, Ontario, in Canada. …
  • McDonald’s ending relationship with Heinz

    10/25/2013 9:33:41 PM PDT · by Olog-hai · 21 replies
    Associated Press ^ | Oct 25, 2013 5:38 PM EDT | Sarah Skidmore Sell
    McDonald’s has lost its taste for Heinz ketchup. The fast-food giant said in a statement Friday that it is cutting ties with the condiment company after 40 years due to management changes there. A former Burger King CEO became head of Heinz in June after the company was bought by Warren Buffett’s Berkshire Hathaway and 3G Capital. 3G, a Brazilian investment firm, also controls Burger King. The impact of the change may be tasted more overseas. In the U.S., McDonald’s uses Heinz products only in Pittsburgh and Minneapolis restaurants. …
  • Buffett says he passed on buying Washington Post

    10/23/2013 3:45:31 PM PDT · by Olog-hai · 11 replies
    Associated Press ^ | Oct 23, 2013 5:32 PM EDT | Josh Funk
    Investor Warren Buffett says he didn’t buy the Washington Post because he didn't want it to be a burden on his company or family. His Berkshire Hathaway Inc. conglomerate has purchased dozens of other newspapers since 2011. And Berkshire was the largest Washington Post Co. shareholder before the newspaper was sold to Amazon CEO Jeff Bezos for $250 million. But Buffett told Fortune magazine he only briefly considered buying the Post because he didn’t want to saddle Berkshire’s next CEO or his children with a metro newspaper. …
  • Burger King CEO Hees to Lead Heinz Once Deal Closes (Massive layoffs after Buffett takeover)

    04/11/2013 9:13:54 AM PDT · by jimbo123 · 11 replies
    Fox Business ^ | 4/11/13 | Dow Jones
    Brazilian private-equity firm 3G Capital is sliding the chief executive of Burger King Worldwide Inc. (BKW), which it currently controls, into the same role at H.J. Heinz Co. (HNZ) once 3G and Berkshire Hathaway Inc. (BRKA, BRKB) complete their $23 billion buyout of the ketchup maker. Bernardo Hees will replace Heinz CEO William Johnson, who has led the ketchup-maker for 15 years and turned it into more of a global food company by selling ketchup and other Heinz's products all across the world. 3G and Warren Buffett's Berkshire Hathaway in February teamed up to buy Heinz for $72.50 a share...
  • Buffett’s firm dips into $23B Heinz ketchup deal

    02/14/2013 9:29:02 AM PST · by Olog-hai · 5 replies
    Associated Press ^ | Feb 14, 2013 10:50 AM EST | Candice Choi and Josh Funk
    Billionaire investor Warren Buffett is dipping into the ketchup business as part of $23.3 billion deal to buy the Heinz ketchup company. H.J. Heinz Co. says it’s the largest deal ever in the food industry. The company, based in Pittsburgh, also makes Classico spaghetti sauces, Ore-Ida potatoes and Smart Ones frozen meals. Buffett's Berkshire Hathaway and its partner on the deal—3G Capital, the investment firm that bought Burger King in 2010—say Heinz will remain headquartered in Pittsburgh. Heinz CEO William Johnson said in a statement that the company “will have an opportunity to drive further growth” as a private enterprise....
  • Buffett pulls off fresh blockbuster with $23 billion Heinz deal

    02/14/2013 8:23:15 AM PST · by South40 · 30 replies
    Reuters ^ | 2/14/2013 | Ben Berkowitz and Martinne Geller
    (Reuters) - Warren Buffett's Berkshire Hathaway and private equity firm 3G Capital will buy ketchup and baby food maker H.J. Heinz Co for $23.2 billion in cash, a deal that combines 3G's ambitions in the food industry with Buffett's hunt for growth. Including debt assumption, Heinz valued the transaction, which it called the largest in its industry's history, at $28 billion. Berkshire and 3G will pay $72.50 per share, a 19 percent premium to the stock's previous all-time high.
  • Payback for a Downgrade? (The Feds sue S&P but not Moody's for pre-crisis credit ratings)

    02/06/2013 6:59:20 AM PST · by SeekAndFind · 13 replies
    Now, this is awkward. One agency of the federal government is suing a company for fraud while another agency continues to endorse it. On Monday in Los Angeles, the Department of Justice sued Standard & Poor's and its parent McGraw-Hill MHP -0.25% for $5 billion. The claim is that S&P committed civil fraud when it issued high credit ratings on mortgage-related securities prior to the financial crisis of 2008. Sixteen states and the District of Columbia have piled on the suit. No doubt investors who relied on the opinions of S&P and the other big credit-rating agencies, Moody's and Fitch,...
  • Berkshire Hathaway sells 2 short-line railroads

    12/27/2012 12:22:30 PM PST · by Western Phil · 11 replies
    Warren Buffett's company has sold two short-line railroads it recently discovered it owned to satisfy regulators who might have reviewed Berkshire Hathaway's 2010 acquisition of the Burlington Northern Santa Fe railroad. Berkshire told the Transportation Department's Surface Transportation Board earlier this month that it had completed the sale of both short-line railroads ahead of schedule. If Berkshire had reported owning those railroads when it bought BNSF, the Surface Transportation Board would have had to scrutinize the deal. Berkshire first disclosed owning the railroads to the Surface Transportation Board in September. (snip)
  • Buffett's Move Raises a Red Flag

    08/21/2012 6:59:02 AM PDT · by Second Amendment First · 4 replies
    Wall Street Journal ^ | August 21, 2012 | SERENA NG And MICHAEL CORKERY
    A decision by Warren Buffett's Berkshire Hathaway Inc. BRKB -0.15% to end a large wager on the municipal-bond market is deepening questions from some investors about the risks of buying debt issued by cities, states and other public entities. The Omaha, Neb., company recently terminated credit-default swaps insuring $8.25 billion of municipal debt. The termination, disclosed in a quarterly filing with regulators this month, ended five years early a bullish bet that Mr. Buffett made before the financial crisis that more than a dozen U.S. states would keep paying their bills on time, according to a person familiar with the...
  • Berkshire Hathaway’s $5 Billion Investment in Goldman Sachs in 2008 Has Resulted in a 50% Return

    02/02/2012 7:48:31 AM PST · by SeekAndFind · 5 replies
    Business Insider ^ | 02/02/2012 | Dr. David Kass, Robert H. Smith School of Business, University of Maryland
    On September 24, 2008, Berkshire Hathaway (BRK.A), (BRK.B) and Goldman Sachs (GS) entered into an agreement in which Berkshire Hathaway purchased $5 billion of Goldman’s preferred shares paying a 10% dividend. Berkshire also received warrants granting it the right to buy $5 billion of Goldman Sachs common stock at $115 per share (or 43.5 million shares) through October 1, 2013. Goldman Sachs called the preferred stock for redemption on April 18, 2011 at a premium of 10% over par value, plus accrued and unpaid dividends. As a result, Berkshire Hathaway earned approximately $1.75 billion ($1.25 billion in dividends plus a...
  • After Dropping Under $100,000/Share, Berkshire Hathaway Announces Stock Buyback Plan

    09/26/2011 7:24:17 AM PDT · by SeekAndFind · 7 replies
    Zero Hedge ^ | 09/26/2011 | Tyler Durden
    Warren Buffet came, he saw BRK/A trading at $99,000, he took a bath, and decided that this aggression against BRK/A will not stand, man. As a result, after taking a metaphorical bath on BAC, the Octogenarian has just decided to launch a share repurchase program in the company with the massive short S&P put, because "In the opinion of our Board and management, the underlying businesses of Berkshire are worth considerably more than this amount, though any such estimate is necessarily imprecise." In other words, Buffett is slowing starting to realize that he has to put up or shut up,...
  • Warren Buffett’s Berkshire Hathaway owes $1 billion in back taxes

    09/02/2011 11:45:27 AM PDT · by SeekAndFind · 28 replies · 1+ views
    Hotair ^ | 09/02/2011 | Tina Korbe
    C’mon, IRS. “Stop coddling the super rich.” Contrive to successfully extract the taxes they already owe.Mr. Buffett, I barely want to waste my breath on your blatant hypocrisy.And, Mainstream Media (by which I mean the NYT, which ran Buffett’s obnoxious op-ed in the first place), WHERE ARE YOU?From NewsMax: Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.But it turns out that Buffett’s own company, Berkshire Hathaway, has...
  • Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion

    08/30/2011 4:45:07 PM PDT · by Sub-Driver · 16 replies
    Warren 'Raise My Taxes' Buffett's Company May Owe IRS $1 Billion By Noel Sheppard Created 08/30/2011 - 5:29pm As NewsBusters reported Monday, American media almost completely ignored a report that Warren "Raise My Taxes" Buffett's company Berkshire Hathaway has been fighting with the IRS for almost a decade over taxes it owes. On Tuesday, the organization digging into Berkshire Hathaway's numbers, Americans for Limited Government, estimated the total could be as much as $1 billion: Using only publicly-available documents, a certified public accountant (CPA) detailed Berkshire Hathaway’s tax problems to ALG researcher Richard McCarty. Now, the American people have a...
  • Warren Buffett invests $5 billion in Bank of America, saves the day (What a joke!)

    08/25/2011 1:32:04 PM PDT · by tobyhill · 12 replies
    cbs ^ | 8/25/2011 | Michelle Castillo
    Warren Buffett has swooped in to save the day, this time for Bank of America. Warren Buffett's Berkshire Hathaway Inc. agreed to invest $5 billion in Bank of America Corp. to help assure investors that the company will not go under. What's with all the recent do gooder deeds? Is this guy considering a run for president in 2012? Probably not. By investing and "bolstering confidence" in Bank of America, Buffett will be rewarded with a handsome $300 million annually. Maybe he can use some of that to donate to his "the rich deserve to be taxed" cause.Already stocks have...
  • Berkshire Hathaway To Invest $5B In Bank Of America (Buffet dreamt up the idea in the bathtub)

    08/25/2011 7:20:24 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 08/25/2011 | Courtney Comstock
    Buffett's Berkshire has agreed to buy 50,000 preferred shares of Bank of America for $5 billion. That means he's paying $100,000 per share. He also has options to buy 700 million. That's 7% dilution for shareholders. Buffett says it's not just a vote of confidence in Bank of America, but in the U.S., according to Becky Quick on CNBC. It's a better deal for Bank of America than Buffett gave to Goldman Sachs in some ways, he says. And get this - he dreamt up the idea to invest in Bank of America yesterday - in the bathtub. Bank of...
  • NetJets' Chairman David Sokol Resigns (more Berkshire Hathaway fallout)

    04/04/2011 11:23:58 AM PDT · by pabianice · 3 replies
    AvWeek ^ | 4/3/11 | Garvey
    The surprise announcement yesterday that NetJets Chairman David Sokol had resigned from Berkshire Hathaway under a cloud of insider trading suspicion produced smiles of satisfaction among many general aviation leaders. When the word of Sokol’s sudden exit spread during a dinner at the Sun ‘n Fun airshow in Lakeland, Fla., last night, one general aviation manufacturing CEO said, “There’s celebrating going on in Wichita and Savannah today.” Sokol cancelled orders for hundreds of business jets built by Cessna and Hawker Beechcraft, both based in Wichita, Kan., and Gulfstream, which is headquartered in Savannah, Ga. He said he did so to...
  • Warren Buffett Lieutenant Resigns Amid Stock Purchases (Insider Trading)

    03/30/2011 4:29:17 PM PDT · by Lazlo in PA · 31 replies
    Wall Street Journal ^ | 03-30-11 | Shira Ovide
    In a very surprise move, a longtime lieutenant of Warren Buffett, David Sokol, resigned from his position at Buffett’s Berkshire Hathaway. Sokol had been considered a possible successor for Buffett’s post as CEO of Berkshire Hathaway. Buffett also dropped a bombshell in a letter about Sokol: he said Sokol had purchased shares of Lubrizol, a specialty chemicals company which Berkshire announced it is buying, before Sokol convinced Buffett on the merits of the deal.
  • Berkshire Hathaway boss Warren Buffett buys chemical maker Lubrizol for Ł5.6bn [$9bn]

    03/14/2011 9:11:08 PM PDT · by bruinbirdman · 7 replies
    The Telegraph ^ | 3/14/2011 | Richard Blackden and Alistair Osborne
    Billionaire investor Warren Buffett has agreed to pay $9bn (Ł5.6bn) in cash for US chemicals maker Lubrizol, making good on a pledge that he was on the hunt for big acquisitions. Mr Buffett's Berkshire Hathaway company offered $135 a share for Lubrizol, which is based in Ohio but has factories in almost 20 countries. The company expanded into Britain in the 1930s in its first venture outside the US. The deal follows Mr Buffett's near-$30bn acquisition in late 2009 of Burlington Northern Santa Fe, one of America's biggest railroad companies. The decision also underlines the billionaire's appetite for buying American...
  • To Warren (Buffett) From The Taxpayers: Eat #@/t You Jackass

    09/24/2010 1:48:26 PM PDT · by blam · 18 replies
    The Market Ticker ^ | 9-24-2010 | Karl Denninger
    To Warren From The Taxpayers: Eat #@/t You JackassKarl DenningerSeptember 24, 2020 As if Munger's hubris wasn't enough, now we have this: “Sentiment has turned very sour in the last three or four or five months,” the chairman and CEO of Omaha-based Berkshire Hathaway Inc. said in an interview broadcast Thursday. “I hope we get over it pretty soon, because it’s not productive,’’ Buffett said. “We will come back regardless of how people feel about Washington, but it is not helpful to have people as unhappy as they are about what’s going on in Washington.” Your businesses stole literal trillions...
  • Berkshire net down 40 percent on derivative losses

    08/06/2010 2:45:14 PM PDT · by NormsRevenge · 16 replies
    Reuters on Yahoo ^ | 8/6/10 | Jonathan Stempel
    NEW YORK (Reuters) – Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) on Friday said second-quarter profit fell 40 percent, as declining stock prices depressed the value of his derivative contracts. Operating profit nevertheless soared 73 percent, helped by the takeover of railroad operator Burlington Northern Santa Fe Corp, improvement in insurance underwriting results, and a turnaround in performance at the NetJets corporate plane unit. Net income fell to $1.97 billion, or $1,195 per Class A share, from $3.3 billion, or $2.123, a year earlier. Excluding investments, operating profit rose to $3.07 billion, or $1,866 per share, from $1.78 billion, or...
  • Hey, Moody's, Why Didn't You Tell Us About The SEC "Wells Notice" In March?

    05/10/2010 9:07:23 AM PDT · by george76 · 5 replies · 542+ views
    Business Insider ^ | May. 10, 2010 | Henry Blodget
    Moody's stock (MCO) is getting slammed this morning on the shocking news that the SEC has hit it with a "Wells Notice" that could lead to the SEC's preventing the company from acting as a rating agency. How did the market learn about the Wells Notice? Because Moody's was apparently forced to disclose it in its latest SEC filing. (The company tried to hide the news deep in the 10Q, even burying it within a broader paragraph, but investors found it). So here's our question: If the Wells Notice is material enough for Moody's to have to disclose it in...
  • Hawker hit with large cancellation ( NetJets )

    12/15/2009 6:12:02 PM PST · by george76 · 7 replies · 734+ views
    Wichita Eagle ^ | Dec. 15, 2009 | MOLLY McMILLIN
    Hawker Beechcraft announced Monday that fractional ownership company NetJets has canceled a "significant" number of aircraft it had on order. The cancellations will reduce Hawker Beechcraft's backlog by $2.6 billion and represent 90 percent of the aircraft that NetJets has on order with Hawker Beechcraft. The planes were to have been delivered over several years beginning in 2011. So far this year, NetJets has canceled 12 aircraft it had on order and deferred delivery of all jets it was scheduled to receive this year and next until the end of 2010. Hawker Beechcraft has said that NetJets wasn't expected to...
  • NetJets Laying Off 500 Pilots

    11/09/2009 3:43:11 PM PST · by george76 · 13 replies · 871+ views
    AP ^ | Nov. 5, 2009
    Demand for private jets is way down and NetJets will lay off almost 500 pilots as a result -- almost 20% of its staff of 3,000 pilots. because of a decrease in demand. NetJets is a unit of investor Warren Buffett's Berkshire Hathaway
  • More Buffett And The Pigman

    08/07/2009 9:06:27 AM PDT · by FromLori · 5 replies · 571+ views
    The Market Ticker ^ | 8/7/09 | Karl Denninger
    It seems my previous article has garnered a bit of criticism from someone I hold in rather high regard, indicating that perhaps I have been less than clear in my criticism. Let me be clear: There is nothing wrong with making a lot of money, and leveraging your wealth into making even more money! It doesn't surprise me that those with lots of money get "special dispensation" in the form of conversations with Treasury Secretaries and other members of the government. The "little people" - that is you and I - will never get that sort of treatment, simply because...
  • Did Warren Buffett Front Run Tax Payers?

    08/07/2009 10:00:57 AM PDT · by FromLori · 349+ views
    Economic Policy Journal ^ | 8/7/09 | Robert Wenzel
    The attack on Warren Buffett continues. The latest to jump on the pile is Karl Denninger. He makes the charge that Buffett may have taken advantage of taxpayers, when buying his stake in Goldman Sachs: ...was he really just making a bet? The evidence says otherwise; Warren's statements both at the time and later one made clear that he had every expectation, and perhaps even inside information, that the government would not allow these firms to fail. That is, he didn't make a bet - he jumped in front of the taxpayer, a form of legal "front running", to garner...
  • FEDS HIT 4 EXECS FOR FRAUD (AIG finagling circa 2006)

    05/22/2009 9:23:53 AM PDT · by Liz · 4 replies · 400+ views
    NY POST ^ | February 3, 2006 | RODDY BOYD
    February 3, 2006: The DOJ indicted ex-AIG honcho Maurice Greenberg's former execs in a probe of complex reinsurance deals. General Re, a crown jewel in the portfolio of Warren Buffett's Berkshire Hathaway had three of its senior execs indicted. Christian Milton, former head of AIG's massive reinsurance operations, indicted on 13 counts of aiding and abetting securities fraud; former General Re CEO Ronald Ferguson, former CFO Elizabeth Monrad and Robert Graham, assistant general counsel. "The scheme was designed to mislead analysts and the investing public," said an assistant US attorney. Federal prosecutors said AIG paid General Re $5.2M — via...
  • Moody’s downgrades Berkshire Hathaway

    04/08/2009 9:01:44 PM PDT · by TigerLikesRooster · 19 replies · 836+ views
    FT ^ | 04/09/09 | Justin Baer
    Moody’s downgrades Berkshire Hathaway By Justin Baer in New York Published: April 9 2009 00:41 | Last updated: April 9 2009 00:41 Warren Buffett’s Berkshire Hathaway lost its triple-A grade from Moody’s Investors Service, the very ratings firm in which the billionaire holds a 20 per cent stake. The downgrade, which follows Fitch Ratings’ one-notch cut last month, comes as Berkshire seeks to rebound from its worst year since the “Sage of Omaha” took control of the former textiles maker in 1965. Moody’s dropped Berkshire two notches, to double-A2. “Today’s rating actions reflect the impact on Berkshire’s key businesses of...
  • 80 liberals each pledge $1 million - hope to copy success of think tanks run by conservatives

    08/07/2005 12:37:45 AM PDT · by Cincinatus' Wife · 157 replies · 3,298+ views
    Houston Chronicle ^ | August 7, 2005 | THOMAS B. EDSALL
    <p>WASHINGTON - At least 80 wealthy liberals have pledged to contribute at least $1 million each to fund a network of think tanks and advocacy groups, to compete with the potent conservative infrastructure built up during the last three decades.</p>
  • GE selling $3 billion in stock to Buffett, $12 billion to public

    10/01/2008 2:24:57 PM PDT · by NormsRevenge · 13 replies · 488+ views
    AP on Mercury News ^ | 10/1/08 | AP
    FAIRFIELD, Conn. — Warren Buffett's Berkshire Hathaway is buying $3 billion worth of General Electric preferred shares, even as the diversified conglomerate is preparing to sell at least $12 billion worth of common stock to the public. GE says Berkshire Hathaway will buy $3 billion of perpetual preferred stock in a private offering. Such stock carries a dividend of 10 percent and is callable, at a 10 percent premium, after three years. Berkshire also received warrants to buy $3 billion worth of common shares at $22.25 each over five years. GE says that the Berkshire funds will boost its capital...
  • Goldman Sachs to receive $5 billion Buffett investment (Berkshire Hathaway has $5B option for 5 yrs)

    09/23/2008 4:15:44 PM PDT · by NormsRevenge · 4 replies · 103+ views
    Reuters on Yahoo ^ | 9/23/08 | Jonathan Stempel
    NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N) on Tuesday said it will receive a $5 billion investment from Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N), a vote of confidence for the Wall Street bank from perhaps the world's best-known investor. Berkshire will buy $5 billion of perpetual preferred stock that carries a 10 percent dividend. It also will receive warrants to buy $5 billion of common stock at $115 per share, exercisable within five years. Goldman also said it plans to sell at least $2.5 billion of common stock. It announced the offerings after earlier this week announcing...
  • (2005) Investigation of Insurance Puts Buffett in a Spotlight (AIG meltdown)

    09/22/2008 3:41:05 PM PDT · by Liz · 27 replies · 451+ views
    NY TIMES ^ | March 28, 2005 | TIMOTHY L. O'BRIEN
    March 28, 2005 .....investigators on three continents are examining Buffet's Berkshire insurance affiliates .......the company is in the unfamiliar position of having to defend its integrity. Berkshire insurance affiliates are involved in what investigators describe as possible financial manipulation at insurance giants like AIG and Zurich Financial Services Group. Investigators are trying to determine the extent of senior executives who oversaw insurance operations that sold products at the core of international regulatory scrutiny. The broad investigation into the insurance industry has already brought down top executives including Maurice R. Greenberg, the former chief executive of AIG.........regulators are looking at a...
  • Buffett buying Baltimore-based Constellation (MD)

    09/19/2008 11:56:21 AM PDT · by JZelle · 8 replies · 226+ views
    The Washington Times ^ | 9-19-08 | Tom Lobianco
    Warren Buffett's Berkshire Hathaway Inc. is reaching into its deep pockets to give a steadying hand to Constellation Energy Group Inc. and, at the same time, grab a bargain. Berkshire's MidAmerican Energy Holdings Co. said Thursday it will buy Baltimore-based Constellation for $4.7 billion and give it an immediate $1 billion infusion after shares of the nation's largest wholesale power seller plummeted and liquidity concerns had analysts worried it would go out of business. "Obviously we're in unprecedented times," MidAmerican President and CEO Gregory Abel said. "Liquidity and solvency issues are a top priority for many companies. We don't have...
  • Buffett's Insurance Bust

    03/01/2008 12:06:03 AM PST · by TigerLikesRooster · 9 replies · 203+ views
    Forbes ^ | 02/29/08 | Ruthie Ackerman
    Buffett's Insurance Bust Ruthie Ackerman, 02.29.08, 9:30 PM ET All good things must come to an end -- even billionaire investor Warren Buffett's success in the insurance business. On Friday in Buffett's eagerly awaited annual letter to shareholders, he acknowledged 2007 was a good year, thanks to Berkshire Hathaway's stable insurance operations in a disaster-free 12 months, but he's not expecting a repeat. "That party is over,” he wrote. “It is a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008. Prices are down, and exposures inexorably rise.” He predicted that even with another catastrophe-free year, the...
  • Just look at what Warren Buffett has decided not to invest in

    12/27/2007 8:23:25 PM PST · by bruinbirdman · 49 replies · 168+ views
    The Times ^ | 12/28/07 | Patrick Hosking
    When Warren Buffett so much as scratches his nose, the investment world sits up and takes notice. So the Buffettologists will be all over the latest acquisition by the world’s smartest investor. While his rivals were still digesting their sprouts, Mr Buffett announced on the evening of Christmas Day that Berkshire Hathaway was paying $4.5 billion (Ł2.25 billion) for majority control of Marmon Holdings, an industrial conglomerate owned by the Pritzker family of Chicago. Outside his insurance company investments, this is Mr Buffett’s biggest deal yet. Given Berkshire’s investment preferences, there were few surprises in the deal. Marmon’s products are...
  • So Long, Warren

    08/23/2007 5:23:28 PM PDT · by bruinbirdman · 10 replies · 662+ views
    Forbes ^ | 8/23/2007 | Richard Phalon
    Mutual funds that have been longtime Berkshire Hathaway investors are decamping. Warren Buffett draws as many gee-whiz headlines as ever these days. But the Berkshire Hathaway (nyse: BRKA) mystique may be wearing thin among longtime devotees who know the company best--several solid mutual funds that have held its stock for ages. One is the sterling Sequoia Fund, bound in a tight relationship with Buffett for four decades. Since the start of 2005 Sequoia has unloaded $650 million of Berkshire shares, shrinking their weight in Sequoia's portfolio from 35% to 26%. Wallace Weitz shares a hometown with Buffett and runs Weitz...
  • Buffett's Berkshire buys Dow Jones stock

    08/15/2007 1:44:59 AM PDT · by bruinbirdman · 2 replies · 348+ views
    NDTVProfit.com ^ | 8/15/2007
    Billionaire Warren Buffett's holding company bought nearly 2.8 million shares of Dow Jones & Co. earlier this year before Rupert Murdoch sealed his deal to buy The Wall Street Journal's publisher. Berkshire Hathaway Inc. filed its quarterly summary of its $61.1 billion portfolio of US stocks with the US Securities and Exchange Commission on Tuesday. The filing did not state how much Berkshire paid for the Dow Jones shares. Berkshire bought the Dow Jones shares sometime in April, May or June, so it could have paid as little as $34 a share. Berkshire held 2.78 million shares of Dow Jones...
  • Buffett: Give Peace A Chance, When I'm Gone-(Can Buffett Be Both Businessman & Saint?)

    05/10/2007 7:56:02 AM PDT · by fight_truth_decay · 13 replies · 546+ views
    MarketWatch ^ | 05/10/2007 | David Weidner
    Help is not on the way to Darfur, Berkshire shareholders say. NEW YORK (MarketWatch) -- Here's hoping that Warren Buffett isn't with us as chief executive of Berkshire Hathaway Inc. for much longer, or at least that he has a change of heart. The world will be better off. Nearly a year after Buffett pledged to give $37 billion of his personal wealth to charity, the 76-year-old and his shareholder flock at Berkshire (BRKA109,150.00, -25.00, 0.0%) shot down a series of do-gooder proposals that would have required the company to spare some profits in the name of social responsibility, and...
  • Buffett Fields Shareholder Questions (Pro Planned Parenthood)

    05/06/2007 2:51:00 PM PDT · by cowtowney · 19 replies · 1,143+ views
    Wall Street Journal ^ | 5/6/2007 | KAREN RICHARDSON
    Mr. Buffett also defended his charitable contribution to organizations that support women's reproductive rights, such as Planned Parenthood. "Men set the rules for a lot of years, and I think it's wonderful that women can make reproductive choices," Mr. Buffett replied, as shareholders applauded and cheered. "I think it's a terrific organization," Mr. Buffett added, referring to Planned Parenthood. "I really think it's too bad that for millenia, women not only in the U.S. but all over the world, have had involuntary bearing of babies."
  • Warren Buffett to give bulk of his wealth to Gates Foundation

    06/25/2006 1:14:44 PM PDT · by HAL9000 · 118 replies · 3,566+ views
    KING5.com ^ | June 25, 2006 | KING5.com
    Excerpt - SEATTLE - Warren Buffett, the world's second richest man, is starting this year to give much of his wealth to charity, with the bulk of over $40 million in Berkshire Hathaway stock going to the Bill and Melinda Gates Foundation. In a letter dated Monday, Buffett, who is chairman of Berkshire Hathaway Inc., tells Bill and Melinda Gates that the first annual donation would go to the foundation this year. It's expected to total about $1.5 billion. Up until now, all the money given away by the Gates Foundation has come from Bill and Melinda Gates. The money...
  • Group: Geico Insurance Rates 'Very Unfair'

    03/20/2006 5:25:49 PM PST · by mathprof · 206 replies · 4,829+ views
    reuters ^ | 3/20/06
    A leading U.S. consumer group Monday accused Geico Corp. of using consumers' education backgrounds and occupations as criteria in setting auto insurance rates, resulting in discrimination against minorities and lower-income people. The Consumer Federation of America (CFA) charged that the No. 4 U.S. auto insurer, has adopted rating methods and underwriting guidelines in 44 states that directly tie rates to education and occupation. Geico, a unit of Berkshire Hathaway Inc. (BRK), the insurance and investment company controlled by billionaire Warren Buffett, rejected the charges. It called them "an offensive attempt to link fundamentally fair and actuarially sound industry practices with...