WARREN BUFFETT Quote : Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Monday, November 11, 2013

Bloomberg recruits Buffett to oversee Ground Zero fund

Mayor Bloomberg has recruited fellow billionaire Warren Buffett to take over a taxpayer fund set up to pay claims stemming from the toxic Ground Zero cleanup, The Post has learned.
A surprise plan under review would give $270 million in federal funds managed by the World Trade Center Captive Insurance Co. — a nonprofit entity controlled by Bloomberg appointees — to Buffett’s holding company, Berkshire Hathaway, which would convert the cash into a $600 million commercial-insurance policy.

Buffett’s company would absorb the risk of new 9/11 litigation and health claims, though it’s unclear how much profit he stands to make on the deal. The city would receive no dividends, an official said.
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Read more @ NYPost