Word: buffett
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...believe we had an extremely serious problem but not a pervasive one," said Warren Buffett, the country's richest man and a great stock picker, brought in by Salomon to handle its damage control. The Sears version went as follows: "We strongly believe that these instances were isolated and there has been no pattern of this conduct." Sears also said, "In the automotive business, mistakes can and will occur...
...Take House Speaker Tom Foley. Over the past four years, he made more than $100,000 buying shares in hot new companies and "flipping" them almost immediately at a handsome profit. The Speaker hit pay dirt in 40 out of 42 deals, an awesome record that even a Warren Buffett would envy...
Those who bought stock in Warren Buffett's company at $138.00 a share in 1977 have done well...
Amex is now learning a humbling lesson. Earlier this year the company's weakened financial condition forced it to search for outside capital. Warren Buffett, the Omaha-based billionaire who serves as interim caretaker at Salomon Brothers, stepped in with a $300 million investment. The company has also recognized that its managers have to adjust to an economic slowdown that may last for the better part of the 1990s. Says Robinson: "Management has to be able to deal with good times and bad. It's easier in good times, but we can't always operate in an environment that...
After applauding Buffett for his changes, Congress focused its anger on regulators. House members, seeking a new image of toughness after being stung by the savings and loan debacle, blasted the Securities and Exchange Commission, the Treasury and the Federal Reserve for failing to detect Salomon's fraudulent bids fast enough. Congressional leaders accused regulators of being too cozy with Wall Street firms and warned that Congress would move quickly to overhaul the $2.2 trillion government-securities market to prevent similar abuses in the future...