Warren Buffett's brand-new municipal bond insurer, Berkshire Hathaway Assurance Corporation, has sold its first coverage, backing a $10 million bond issued by New York City yesterday. Ajit Jain, who runs Berkshire's insurance businesses, tells the New York Times, "We're tip-toeing into the market, doing very small deals. We want to see if we can get the pricing that we find acceptable to us. Once we find this is real, we'll put in a lot more capital." He also describes how a call from a New York regulator played a key role.
The man who oversees the insurance operations for Warren Buffett's Berkshire Hathaway tells CNBC that Berkshire is talking with troubled bond insurers like MBIA and Ambac about a possible partnership or purchase, although it doesn't sound like anything major is imminent. Ajit Jain's comment came in response to a question from Erin Burnett in a live interview on CNBC's Street Signs about why Berkshire chose to "build" its own bond insurer rather than buy an existing company like Ambac or MBIA.
A federal judge overseeing the trial of four former executives at the General Re unit of Berkshire Hathaway said the reinsurer need not turn over some documents involving Berkshire Chairman Warren Buffett.
I'm on vacation until January 10th, but, in my absence, please ponder this image of Warren Buffett. Maybe it'll make you smarter in 2008. Goodness knows I'm hoping it'll make me smarter. In fact, I suggest you click on this blog daily while I'm away, not because it will help you, but because it will help me.
Prosecutors may not call Berkshire Hathaway Chairman Warren Buffett as a witness in a criminal trial of former officers of its General Re reinsurance unit, according to a court filing.
In a live interview this morning on CNBC's Squawk Box, Warren Buffett called his purchase of a big Marmon stake as a "bet on America over a long time." He also revealed that while he has been approached by financials companies about buying a stake, "we have not seen a deal that causes me to start salivating." Here is a video clip and transcript of the complete interview.
Warren Buffett is finally moving to make some money from the nation's credit crisis by starting a new company that will insure debt issued by state and local governments. To make sure that he does indeed make money from the venture, he's promising not to make the same mistakes that have caused so many problems for long-time insurers like Ambac and MBIA: charging too little and taking on too much risk.
Don't count out Warren Buffett. Even as he enters his 78th year, the Buffett style of investing remains as relevant and successful as ever. In keeping with the year-end tradition of journalists everywhere, it's time to look back at 2007: The Year in Warren. Here, in reverse order, are #10 through #6 of the top 10 trends and events of the year, as reported here on Warren Buffett Watch.
Warren Buffett agreed to pay $4.5 billion to buy 60% of industrial conglomerate The Marmon Group. What did Buffett find attractive in Marmon and can you ride the billionaire's coattails?
This is a transcript and video clip of the second part of Warren Buffett's live interview this morning on Squawk on the Street with CNBC's Becky Quick. In this section, Buffett talks about the super-SIV proposal, the Bush administration's plan to encourage lenders to freeze some variable mortgage rates and about why he supports Hillary Clinton and Barack Obama for president.
Berkshire Hathaway shares closed down 4.6 percent today (Monday) at $136,400 after a cover story in Barron's over the weekend recommended, "Sell Buffett: Sorry, Warren, Your Stock's Too Pricey." That erased just over $7 billion in Berkshire's market value in one day. Buffett-bulls, however, see a buying opportunity in today's decline.
In a "First on CNBC" telephone interview just minutes ago, Warren Buffett told the Squawk Box team that while he been approached, sometimes indirectly, by financial companies offering to sell stakes, he hasn't seen anything he likes, at least so far. He indicated he still sees lots of problems among many banks that could take several years to work through, but didn't rule out doing any deals over the next six months. "We're looking everywhere but Antarctica."
Berkshire Hathaway's rapid deal to buy 60 percent of Marmon Holdings from Chicago's wealthy Pritzker family is a textbook Warren Buffett deal in a number of ways. It involves basic, industrial businesses, came together very quickly without a lot of study and negotiations, and is with people he instinctively likes.
No reason has been given yet for the departure of founder and executive chairman George Zimmer, reports CNBC's Courtney Reagan. Zimmer has long been the face of the company.
Wednesday, 19 Jun 2013 | 10:52 AM ETCNBC's Rick Santelli, explains why he hears 'crickets" when he asks questions about Fed Chairman Bernanke's policies. "Enough is enough," he rants.
Wednesday, 19 Jun 2013 | 11:36 AM ETAre reporters lobbing "softball" questions at the Fed chairman? CNBC's Rick Santelli and the Wall Street Journal's Jon Hilsenrath, debate whether the economy continues to need quantitative easing. I'm trying to inform the public about what the Fed is up to, says Hilsenrath.