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General Re Chairman and CEO Joseph Brandon, who had once been seen as a possible successor to Warren Buffett, has resigned. He apparently fell victim to pressure from the Federal government to have him ousted.
Berkshire Hathaway Assurance Corp., Warren Buffett's fledgling bond insurer, has received AAA financial strength and financial enhancement ratings from Standard & Poor's Rating Services, the top rating available.
The German national newspaper Frankfurter Allgemeine Zeitung, often referred to as FAZ, will report in tomorrow's (Thursday) edition that Warren Buffett's Berkshire Hathaway has bought one million shares of Munich Re over the past six months.
Warren Buffett ranks number one on Directorship magazine's new list of the most admired board directors. Its Annual Survey of Exceptional Directors is compiled using "data from proxy firms, reader polls and governance experts."
The Federal government is trying to get Warren Buffett to fire one of his top executives on a question of integrity, according to The Wall Street Journal. Citing "people familiar with the situation," today's Journal says, "Federal prosecutors are pressuring Berkshire Hathaway to replace the chief executive of its reinsurance subsidiary, General Re." General Re CEO Joseph Brandon has not been formally charged with any crime, but the Journal says, "Prosecutors identified Mr. Brandon as an unindicted alleged co-conspirator" in a series of bogus deals designed to artificially inflate AIG's earnings and its stock price.
Warren Buffett is supporting his son's contribution of a song to a worldwide effort to end violence against women.
Peter Buffett is adding his voice to a worldwide effort to end violence against women. He's donated a song (available as a free download) called Can We Love? to playwright Eve Ensler's V-Day, a "global movement to stop violence against women and girls." I'm told Buffett will perform the song at a massive 10th anniversary V-Day celebration, "V to the Tenth" next Friday and Saturday (April 11-12) at the New Orleans Arena and the Louisiana Superdome. Salma Hayek, Oprah Winfrey, Jane Fonda and Faith Hill are among the headliners for the event.
Warren Buffett's new bond insurer, Berkshire Hathaway Assurance Corp., is now licensed by 44 states and the District of Columbia. In a statement today, the National Association of Insurance Commissioners takes credit for "providing a streamlined, uniform application process ... (to) facilitate the speedy entrance of a well-capitalized company into the bond insurance marketplace."
California's Treasurer isn't welcoming Warren Buffett's move into the bond insurance business. He's even talking about getting the state into the business itself to compete with Berkshire Hathaway's conservative, and pricey, view of risk in the muni bond market.
The primary beneficiary of Warren Buffett's plan to give away almost all of the money that's made him the wealthiest person in the world will sell most of the Berkshire Hathaway shares it's already received from Buffett. In a filing with the SEC, the Bill & Melinda Gates Foundation Trust reveals it has adopted a written sales plan to sell 550,000 of the 975,000 Berkshire Hathaway Class B shares it now owns.
Just a few weeks after his star turn as 'Guest Host' with 'vixen' Becky Quick on CNBC's long-time daily staple Squawk Box, Warren Buffett returns to daytime television with a cameo appearance on another venerable soap opera, ABC's All My Children.
Warren Buffett's performance vs. pay ratio, already enormous by Corporate America's standards, got even more impressive in 2007. In a SEC filing ahead of Berkshire Hathaway's annual meeting in early May, the company lists an annual salary of $100,000 for its Chairman and CEO.
One of the Berkshire Hathaway executives who is widely seen as a top candidate to eventually take over Warren Buffett's CEO duties, says we shouldn't read anything special into his decision to step down as chief executive at MidAmerican Energy Holdings. David Sokol tells the Omaha World-Herald it was simply time for veteran President Gregory Abel to step up at Berkshire's energy subsidiary. Some Buffett-watchers say they think it increases the odds Sokol is on Berkshire's short list to be the next CEO.
David Sokol, the CEO of Berkshire Hathaway's utility subsidiary MidAmerican Energy Holdings, will give up that post at the company's board meeting next month, but will remain chairman. Sokol, who is 51 years old, has been "mentioned" as a candidate to become CEO of Berkshire Hathaway when Buffett, now 77, gives up the job, according to an AP story on CNBC.com today.
Seven years after Warren Buffett's Berkshire Hathaway invested $300 million in White Mountains Insurance Group, it is selling its 16.3 percent stake in a $836 million deal.
Warren Buffett's big multi-billion dollar bet that stocks won't end up lower years from now gets some attention and analysis in this weekend's Barron's. Essentially, Berkshire is using long-term options contracts as a way of selling 'catastrophe' insurance. In this case, however, the potential catastrophe isn't a hurricane or a flood, it's the possibility that stocks will wind up lower after 15 or 20 years.
Download a Warren Buffett Watch "Collector's Edition" transcript of Buffett's unprecedented live appearances throughout the three hours of CNBC's Squawk Box last Monday. For the first time ever, Buffett answered questions submitted by email from around the world.
Forbes just released its annual list of the world's wealthiest individuals, with Warren Buffett climbing to the number one spot. Here is the list of largest companies by Market Cap on the S&P 500.
Warren Buffett is now the world's richest person, topping the just-released Forbes 2008 ranking of global billionaires, with an estimated wealth of $62 billion. He bumps Microsoft's Bill Gates from the number one spot, a position Gates held for 13 consecutive years. Mexico's Carlos Slim is number two.
Warren Buffett tells CNBC's Becky Quick, with his familiar laugh, that he was able to replace Microsoft's Bill Gates as the world's richest person because he "spends less." In a brief off-camera telephone chat about Forbes' new list of global billionaires, with Buffett and his estimated $62 billion in the top position, the Berkshire Hathaway chairman joked that "it's a tribute to thriftiness."