Peter Buffett Is Right to Call for Philanthropic Change (Philanthropy)
When Peter Buffett took to the pages of The New York Times to lament what he calls a “crisis of imagination” in philanthropy—a failure to envisage a way for our society to function that puts an end to what he calls a “perpetual poverty machine,” he ignited a quite a debate. Mr. Buffett, chairman of the NoVo Foundation and son of Warren Buffett, critiqued our capitalist system, while being careful to emphasize that he is not calling for an end to it. Sitting in meetings with people who are “searching for answers with their right hand to problems that others in the room have created with their left” has left him frustrated, he writes.
Why is Harry Reid Supporting Warren Buffett’s Energy Bid? (WallStCheatSheet)
While it would seem unlikely anyone needs to help Warren Buffett, Senate Majority Leader Harry Reid (D-Nev.) has been offering the Oracle of Omaha a hand in the purchase of NV Energy, Inc. (NYSE:NVE). MidAmerican Energy Holding Co., a Berkshire Hathaway Inc. (NYSE:BRK.A) company, would become the largest utility company in the U.S. if the sale went through, according to Energy and Environment Daily. Reid’s motivations appear to be two-fold. Reid has been in the news several times this year for his support of the MidAmerican buy. On July 23, the Senate Majority Leader sent a letter to the Federal Energy Regulation Commission maintaining his support. Reid framed the deal as both good for the environment (greener energy sources) and good for his state’s overall economy.
Warren Buffett’s Bond Stance Propels Berkshire To Double Digit Earnings Growth (Benzinga)
Warren Buffett has never been much for the media spotlight which is likely one of the reasons why his company, Berkshire Hathaway Inc. (NYSE:BRK.A) reported earnings on Friday evening when traders were packing Wall Street bars talking about Anthony Weiner and the week’s winning trades. But this was a quarter to talk about for Berkshire Hathaway Inc. (NYSE:BRK.A). The company reported A-share profit of $4.54 billion, or $2,763 per share. That’s a year over year increase of $881 per share or a 46 percent gain. Operating profit rose to $2,384 per share—up from $2,252 for a six percent gain. Analysts had expected $2,170.
Buffett’s Berkshire Hathaway sees profits soar 46% (InvestmentWeek)
The group reported net income rose to $4.54bn, up from $3.11bn in the second quarter of 2012. One of the biggest factors behind the profits rise was due the firm making a $622m profit from investments and derivatives, compared to a $612m paper loss last year. …The company reported its cash pile shrunk during the quarter from $49.1bn to $35.7bn following the purchase of H.J. Heinz Company (NYSE:HNZ) for $23bn earlier this year. Buffett teamed up with investment firm 3G Capital for the merger, agreeing to pay $72.50 a share in cash for the food giant.
