Tag Archives: Billionaire

Berkshire Buying Burlington Northern Railroad

posted by GeoT

“An Investemnt in the Future of America”

Geo T Note: This is a play on railroads becoming the “green” mode of commercial transport, supplanting trucking. The near future will see new track laid and faster more efficient shipping methods developed…

Nov. 3 (Bloomberg) — Berkshire Hathaway Inc. agreed to buy railroad Burlington Northern Santa Fe Corp. in the company’s biggest takeover under Warren Buffett.

Warren Buffett

Buffett’s firm will buy the 77.4 percent of the railroad it doesn’t already own for $100 a share in cash and stock, valuing the transaction at about $44 billion, including $10 billion in outstanding debt, Omaha, Nebraska-based Berkshire said in a statement today distributed by Business Wire. That compares with the railroad’s closing price yesterday of $76.07.

“It’s an all-in wager on the economic future of the United States,” Buffett said in the statement.

Berkshire has been building a stake in the Fort Worth, Texas-based railroad for more than two years as Buffett looked for what he called an “elephant”-sized acquisition in which he could deploy his company’s cash hoard, valued at more than $24 billion as of the end of June. Trains stand to become more competitive against trucks with fuel prices high, he has said.

“As oil prices go up, higher diesel fuel raises costs for rails, but it raises costs for its competitors, truckers, roughly by a factor of four,” Buffett told shareholders in 2007 at his company’s annual meeting. “There could be a lot more business there than there was in the past.”

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Filed under Capitalism, Economy, Green, Technology, Transportation, Uncategorized

Billionaire’s for Wealthcare: The Public Option Goes Broadway

billionaires for wealthcareBillionaires for Wealthcare is a grassroots network of health insurance CEOs, HMO lobbyists, talk-show hosts, and others profiting off of our broken health care system.

We’ll do whatever it takes to ensure another decade where your pain is our gain. After all, when it comes to health insurance, if we ain’t broke, why fix it?

AHIP is the powerful insurance lobby that spends 5 million dollars a week trying to kill health care reform. Billionaires for Wealthcare is a grassroots network looking to stop them – with song.

    • AHIP and other insurance and HMO interests spend nearly $5 million per week undermining real health care reform, including a public option.

    • AHIP has resorted to out-right lying and scare tactics to block health care reform. They sent letters that lie to seniors about what health care reform means for Medicare, and they issued a report on the costs of health care reform legislation that is so misleading even the reports embarrassed authors distanced themselves from the way AHIP used their work.

    • Every year, 45,000 people die because they cant get access to the health care they need. Yet AHIP continues to stand in the way of health care reform that would provide coverage to millions of Americans because the industry is more concerned with protecting profits than saving lives.

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Filed under Civil Protest, Greed, Hollywood, Humor, Media and Entertainment, Politics