Wednesday, November 27, 2013
Warren Buffett calls Detroit land of 'huge potential'
DETROIT — A down-on-its-luck Motor City has huge potential for a rebound and can bounce back as the auto industry did a few years ago, legendary investor Warren Buffett said Tuesday.
Buffett was here to help bring $20 million in loans, education and mentor programs to Michigan small businesses in a $500 million national Goldman Sachs initiative that aims to help entrepreneurs grow jobs and revenues.
STORY: Buffett dishes on Detroit
STORY: Warren Buffett's 10 favorite stocks
"The resources are here to have a great, great city," he said at a news conference to mark the inclusion of Detroit as the 11th city in Goldman's 10,000 Small Businesses program.
The 83-year-old chief executive of Berkshire Hathaway and co-chairman of the advisory board for the Goldman program called the city an underutilized resource, which creates a great growth possibilities. He's so enthusiastic that he said he's ready to invest his own money if he finds a suitable company.