Warren Buffett’s Berkshire Hathaway Inc on Wednesday said it paid $2.05 billion cash to buy the 20 percent it did not already own of toolmaker Iscar from the Israeli company’s founding Wertheimer family, Reuters reports.
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A story in yesterday’s Dealbook painted Warren Buffett as no friend of private equity. Buffett, 82, was asked during a lunch last week if there were any private equity investors that he admired, Dealbook says. “No,” he flatly replied in the story.
It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.
Warren Buffett is “in favor” of increasing the tax rate on capital gains. “I’ve operated under all kinds of tax rates, including 39.6% on capital gains,” the chairman of Berkshire Hathaway Inc. told Carlyle Group CEO David Rubenstein.
Berkshire Hathaway has joined the group bidding for Citigroup’s consumer lending unit OneMain, formerly known as CitiFinancial, Reuters wrote Wednesday, citing a report in the Wall Street Journal. Buffett’s company joins a consortium consisting of private-equity firm Centerbridge Capital Partners and Leucadia National Corp. OneMain is expected to fetch more than $8 billion, Reuters reported.
Poll Results: Sokol’s Fate? 70.2% Think Nothing Will Happen to Him (But He’ll Likely Start His Own Firm)
The results of our David Sokol poll surprised me.
Yesterday, I asked what might happen to the former heir apparent at Berkshire Hathaway. Sokol, in case you’ve forgotten, bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades became known.
Berkshire shareholders are expected to convene in Omaha tomorrow for the annual meeting. Buffett is sure to be grilled about his poor handling of the scandal. Right now, we don’t care about that. We want to know what will happen to Sokol.
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Things aren’t looking too good for David Sokol, Warren Buffett’s former heir apparent at Berkshire Hathaway .
Yesterday, Berkshire slammed Sokol when it said he violated the company’s standards of conduct and its insider trading policies when he bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades were made known.
This has been an embarrassing situation for Buffett and Berkshire. The Oracle of Omaha has always been big on ethics. He is sure to face some tough questions this Saturday when Berkshire hosts its annual shareholder meeting.
My colleague Alastair Goldfisher took a swing already at the venture capitalists on the Forbes list of the world’s billionaires. Perhaps it’s no surprise there are more dudes from the buyouts world (and way predominantly, these superwealthy folks are of the male persuasion) on this list than there are from VC.
The thing that may be more surprising is that the richest of the rich in the buyouts world, although they swim in the same waters as the fund managers we focus on here, don’t play with the same pools.
Consider, for instance, Warren Buffet, No. 3
North Carolina is considering selling its warehousing and sales of state-run liquor stores that generate hundreds of millions in annual revenue, according to multiple sources and confidential documents obtained by peHUB.com. However, any deal would have to overcome a partisan battle between a GOP-led statehouse and a Democrat governor. A source familiar with the business [...]