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WEDNESDAY, NOVEMBER 25, 2009
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Buffett Reports $200M Drop, Blames Recession

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(Newser) – Warren Buffett told Berkshire Hathaway shareholders today that the company's first-quarter earnings will fall to $1.7 billion from $1.9 billion last year, reports Bloomberg. At the annual meeting, Buffett said the recession “significantly to drastically affected” the company's bottom line. Full earnings details will be released Friday.

During other parts of the meeting, Buffett held out little hope for a "quick rebound in retail, manufacturing, and services businesses" and predicted "unending losses" for newspapers, but he said he saw signs of a stabilization in housing, reports the Wall Street Journal. He also returned to a familiar theme, railing against "false and nutty" investment practices in modern banking.

Warren Buffett, CEO of Berkshire Hathaway, right, waves to shareholders.
Warren Buffett, CEO of Berkshire Hathaway, right, waves to shareholders.   (AP Photo/Nati Harnik)
Berkshire Hathaway shareholders watch the performance of a country band.
Berkshire Hathaway shareholders watch the performance of a country band.   (AP Photo/Nati Harnik)
Warren Buffett, CEO of Berkshire Hathaway, right, sits with his children from left: Peter, Howard and Susie.
Warren Buffett, CEO of Berkshire Hathaway, right, sits with his children from left: Peter, Howard and Susie.   (AP Photo/Nati Harnik)
Warren Buffett, CEO of Berkshire Hathaway, tours the exhibit floor before the meeting.
Warren Buffett, CEO of Berkshire Hathaway, tours the exhibit floor before the meeting.   (AP Photo/Nati Harnik)
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2 comments
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Collusive
May 2, 09 7:12 PM CDT
I have a question to all right winger's: if the economy shapes up in the next couple of years, who is to thank? because i know you won't say obama. Reply
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skylinesandsunsets
May 3, 09 5:17 PM CDT
Boo hoo, Warren lost $200 million but he's still a billionaire. Cry me a river! Reply
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