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Buffett: GOP Health Care Bill a Tax Cut for the Rich

Buffett: GOP Health Care Bill a Tax Cut for the Rich

Warren Buffett said on Monday 3G Capital, its controversial partner on multiple transactions, follows a "standard capitalist formula" when it sweeps away thousands of jobs and imposes deep expense cuts to make the companies it buys more efficient.

Buffett said Saturday that health care costs have gone up incredibly, and are expected to continue increasing.

Buffett says Wells Fargo didn't act promptly when it discovered the problem.

Berkshire voted its near 10% stake in favour of the board at the bank's AGM on April 25 and prevented stunning no votes against the board from disaffected shareholders of all sizes.

"It was bad enough having a bad system", Buffett said. The investors convene each year at the Buffett-fest, filled with small shrines to the companies Berkshire Hathaway invests in and to the man himself, worth nearly $75 billion.

The potential in India is incredible now, Buffett said. Berkshire is the largest holder of Wells Fargo with a almost 10 percent stake in the company.

Speaking to almost 30,000 of his Berkshire Hathaway shareholders Saturday, the second richest person in the world didn't mince words about Republicans' second attempt at repealing and replacing Obamacare.

That amounts to about $680,000 back in his own pocket, the Berkshire Hathaway chairman said.

Buffett said a CEO's natural tendency is to first defend his employees, but that should not have been the case if Munoz had seen the video.

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Buffett plans to play bridge with shareholders at Borsheims. "Autonomous vehicles widespread would hurt us", the 86-year-old investor said. He said the company had too much cash it could not reasonably deploy.

Shareholders overwhelmingly rejected a proposal that would have required Berkshire to disclose its political contributions twice a year.

Buffett said on CNBC that the bloody removal of a 69-year-old passenger from a plane was obviously "a bad mistake".

Berkshire owns Geico and General Reinsurance as well as a number of specialized insurers that handle malpractice, worker's compensation and other businesses. "I did not think [CEO Jeff Bezos] could succeed on the scale he has", Buffett said, adding that he "really underestimated the brilliance of the execution".

Credit Suisse Group AG analysts highlighted the risks in January when they said the deal could jeopardise profits at Berkshire's property-casualty operations.

Regulated utility units, for example, are not likely to enjoy lower tax rates as savings, in Buffett's view, would be passed on to customers.

Driverless vehicles are perhaps inevitable, he said, but the timetable for their commercial use depends on their initial performance.

Buffett is the celebrity that everyone wants to get close to at the meeting.

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