Economy

Warren Buffett Says the Republican Tax Plan Contains a 'Terrible Mistake'

Warren Buffett Says the Republican Tax Plan Contains a 'Terrible Mistake'”

Warren Buffett's Berkshire Hathaway Inc bought a major stake in Pilot Flying J, the largest USA truck stop operator, and said it will become the majority owner in six years, deepening its commitment to the American economy.

Pilot Flying J, whose formal name is Pilot Travel Centers LLC, has more than 750 locations in 44 U.S. states and Canada, selling gas, diesel fuel, and convenience goods, and offering trucks over 70,000 parking spaces and 5,000 diesel lanes.

Haslam will remain CEO of the company, which has more than 750 locations in 44 states and generated more than $20 billion in sales previous year.

It's not Buffett's first deal in Tennessee.

Haslam said in an interview he hit it off with Buffett after being introduced earlier this year by Chicago merchant banker Byron Trott, who suggested the Berkshire chairman buy a minority stake in the truck stop operator.

"We have lots of stocks with lots of gains and we have a few stocks with losses", he said.

Warren Buffett's stake in Pilot Flying J won't require much in the way of changes. And Berkshire's utility arm struck a deal in July to buy Texas power-transmission company Oncor, but the deal was terminated in favor of a higher offer from Sempra Energy. He bought Maryville-based Clayton Homes, the country's biggest producer of manufactured housing, for $1.7 billion in 2003.

"Kevin Clayton could not have been more complimentary", Jimmy Haslam said.

The purchase may help Buffett, 87, overcome his recent struggles to deploy Berkshire's US$100-billion cash hoard.

Trott, a former Goldman Sachs banker, runs BDT Capital Partners LLC, which is exiting its investment in Pilot Flying J.

Berkshire also owns railroad Burlington Northern Santa Fe, is a big investor in airlines Delta, American, Southwest and United Continental as well as Big 3 auto company GM. "We like the business and we like the people, so it worked". "We have that in Berkshire Hathaway - they believe in our strategy, support our team and are excited to see Pilot Flying J grow".

The company paid a $92 million settlement to trucking customers after a 2013 raid by the Federal Bureau of Investigation and the Internal Revenue Service.

"I knew about it, but it will not affect the future of the company", Buffett said.

Matt Lakin and Nate Rau report for the Knoxville (Tenn.) News Sentinel; Nathan Bomey reports for USA TODAY.



Like this

loading...
loading...

Latest


03 October 2017
Media companies fight to keep Uber v Waymo case public
Levandowski left Google in January 2016, joined Uber days later, and soon after secured a rough framework of a deal for Uber to acquire Ottomotto.

03 October 2017
Collect Google Street View Pics With $3500 Insta360 Pro
After few weeks of processing, it could display on Street View in the standalone apps such as Google Maps, or Google Earth. The catch is that in some areas Street View imagery is simply not available.

03 October 2017
Scottish Government Decision On Fracking This Afternoon
The Scottish Tories said the decision was a serious mistake, since it would deprive the country of much needed economic investment.

03 October 2017
Huge sinkhole in China swallows a $740000 Rolls-Royce vehicle
When it changed, he moved forward and suddenly he was staring at the ground, or more accurately, under the ground. Local authorities later helped lift his vehicle out, but did not say what caused the damage.

03 October 2017
As US launches DDoS attacks, N. Korea gets more bandwidth-from Russian Federation
Reuters reports that TransTeleCom , #Russia's state-owned company, recently provided North Korea a new internet connection. Those ordering and controlling the attacks communicate to hackers and hijacked computers from within North Korea .

03 October 2017
Netherlands coach Dick Advocaat calls up Virgil van Dijk
However, Southampton refused to alter their stance and Van Dijk remained at St Mary's beyond the close of the transfer window. Ex Leicester midfielder Savage questioned why Southampton refused to allow Van Dijk his big-money move to Liverpool .

03 October 2017
Leaked: 'Elegant' Huawei Mate 10 Pro
Apart from that, it is also rumored that the rear-dual cameras will also come with Optical Image Stabilization and f/1.6 aperture. The images most certainly depict the said smartphone now that it has been confirmed by leak specialist Evan Blass.

03 October 2017
Two hours of horror, disbelief, as gunman opens fire in Las Vegas
Both stocks plummeted following the surprise win by Trump, who has been endorsed by the National Rifle Association. In a Facebook post, his wife, Dr Heather Gulish Melton, said she "lost my true love and knight in shining armor".

03 October 2017
Danny Glover joins Hulu's Locke and Key
Glover will play Joe Ridgeway, the eccentric English Teacher at Matheson Academy. The cast also includes Nate Corddry as the siblings' uncle Duncan.

03 October 2017
Scientific Games appoints Shawn Dennis as chief marketing officer
Looking at some alternate time periods, the 12 month price index is 1.08482, the 24 month is 0.89498, and the 36 month is 1.13293. It has outperformed by 169.62% the S&P500.The move comes after 6 months negative chart setup for the $4.06 billion company.