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Warren Buffett says Greg Abel would become Berkshire CEO after he's gone


Warren Buffett says Greg Abel would become Berkshire CEO after he s gone
Posted : 2021-05-04 15:13
Updated : 2021-05-04 15:13
Berkshire Hathaway s vice chairman Gregory Abel speaks at Berkshire s annual meeting, held virtually for a second year, in Los Angeles, Calif., May 1, in this screengrab taken from a livestream video. Reuters-Yonhap
Warren Buffett ended years of speculation about who would succeed him at Berkshire Hathaway by saying Vice Chairman Greg Abel would take over as chief executive officer if he were to step down.
The directors are in agreement that if something were to happen to me tonight, it would be Greg who d take over tomorrow morning, Buffett said, according to a CNBC report on Monday. Buffett, 90, has never provided a timetable for his departure. ....

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How Might Archegos' $10 Billion in Losses Affect Your Retirement?


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Imagine you walked into a Las Vegas casino and you brought all the money you had, let’s say $1  million, and the casino gave you $154 million to gamble with. How smart do you think that would be for that casino?  Well, right now Goldman Sachs Bank USA has 154 times their assets in total gross derivatives!
A number of other giant financial banks are also leveraging up using credit default swaps and similar derivative contracts:
Credit default swaps were at the heart of the financial crisis in 2008 that brought down AIG. The insurance giant AIG had been selling credit default swaps for years, collecting tiny premiums, confident that the mortgage market wouldn’t collapse, and that they’d never have to pay out a claim. ....

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