In case you happen live in a cave or are have the attention span of Generation MySpace, I am sure you are aware of last week’s news involving my corporate master. Needless to say, last week was a rather quiet week in the office.
The churning of the ongoing financial crisis has truly hit home with what happened last week. I could speculate on how this happened, but I would be terribly wrong on some points–and violating company policy. At the end of the day–at this point–Warren Buffett and a subsidiary of Berkshire Hathaway have come to the rescue.
Personally, I think that having Buffett come in speaks volumes to how he views the company. The unfortunate part of this, though, is the effect this deal has on those folks who worked for the company for a long time. They have seen the stock they owned as part of their retirement package plummet in value in a matter of 48 hours.
In any event, it’s business as usual.
I think Buffett knows a bargain when he sees one.
And just hope the French can’t get control of the company.