Warren Buffett’s Berkshire Hathaway (BRK.A) Hits The $224 Million Florida Jackpot
January 2, 2009 by Douglas A. McIntyreWarren Buffett’s Berkshire Hathaway (NYSE: BRK.A) won a $224 million bet that Florida would escape major damage from hurricanes this season. A few years ago, when hurricanes did hit the gulf coast, Berkshire’s bets were not profitable that year.
Dennis MacKee, a spokesman for the Florida’s State Board of Administration told Bloomberg the option agreement would have compelled Buffett to buy $4 billion of bonds to finance the storm recovery is set to expire today. Earlier Florida paid Buffett’s Berkshire Hathaway $224 million in return for his commitment to buy the debt if needed.
BRK, BRK.A
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.