Warren Buffet buys Prudential Connecticut

Your money's safe in Washington, but you do get a hearty handshake

 Your money’s safe in Washington, and you get a hearty handshake

In fact, he seems to have snapped up all of Prudential’s business nationwide, but the sale of the Connecticut and Rhode Island portions was announced today. Buffet’s been buying into a number of industries, like newspapers, that most investors have written off as dying relics. I’d have included traditional real estate brokerages in that category but I’m not Warren Buffet, and surely he sees value where I can’t.

As an example of my short-sightedness, I’d have thought that the new Buffet “GIVE BACK” program, which imposes a special fee on sales by its millionaire customers would be unpopular: not so, if Greenwich resident Carole Dollard’s reaction is typical. Dollard, founding member of Buffet’s tax-us-millionaires club, PatrioticAmericans.org. and whose Taconic Road horse farm is presently listed with Brad Hvolbeck/Prudential Realty for $23.5 million, told FWIW, “I’m delighted. I’ve been quite troubled by the fact that while I pay no income tax, my bootblacks and stable boys pay as much as 30%. Now, with the Give Back Program, 10% of my farm’s sale proceeds will be automatically deducted and sent directly to Washington, where they can be spent to help Hezbollah,  Al Qaeda-in-Syria freedom fighters, and the NEA. I couldn’t be more pleased, and I think it’s just wonderful that Brad has promised to match all such deductions from his own pocket – that Bradley: such a mensch!”

So maybe it will all work out; stay tuned.

8 Comments

Filed under Buying/Selling Greenwich Real Estate, Real estate agents

8 responses to “Warren Buffet buys Prudential Connecticut

  1. Catch a Falling Knife

    there will be a lot less to give to the gov’t if the markets continue on the path that they are

    dark times ahead for financiers everywhere

  2. anon22

    interesting that Twitter, WSJ, and the NYT have all claimed they’ve been hacked by the Syrian Electronics Army…but they left FWIW alone?

  3. Chimney

    Funny thing, Warren Buffet says that we should all be paying more taxes, but I haven’t seen him writing any contribution checks to the IRS. Perhaps he could write one to pay for OBummercare.

    • housecat

      Love the hypocrisy from that guy. If he really has an issue with his effective tax rate, maybe he could start by raising his base salary from (the nominal) $100k. He could require capital calls from his secretary so that she, too could benefit from the cap gains rate (and ROI) if those investments pay off, instead of whining that she pays a higher effective rate than he does. What a phony.

  4. burningmadolf

    Man, your FWIW field reporters get the best quotes.
    Buffet is buying brokerages because at least until the O-man leaves the WH the burbs will be filling up with his voters via no money down buying. My guess is Pru will be the broker of choice (I’m only half joking).

  5. Anonymous

    buffet talks out of two openings.

    he’s quite smart.

    always has a scapegoat if needed, and is slick as microfiber fruit of the loom undies.

    nobody, and i mean nobody, does the “aww shucks, i didn’t realize my (insert: [ceo of xyz division] [heir-apparent] [high level employee]) was (insert: [breaking the law] [insider trading] [other dubious activities]” routine better than ol’ warren.

    • housecat

      Ha! Loved the “slick undies” bit – although i just got an unwanted visual. Ew. Agree on all points.

  6. “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” – Warren Buffet

    in related news: http://www.cnbc.com/id/100962421