The Deals of Warren Buffett by Glen Arnold

Author:Glen Arnold [Glen Arnold]
Language: eng
Format: epub

But the Illinois National Bank had to go

In 1978, banking regulators told Buffett that he would have to separate the Rockford Bank from the rest of his businesses by the end of 1980. The regulators were tightening up on allowing banks to be part of non-banking organisations. Buffett announced that the most likely solution would be to spin it off to Berkshire shareholders sometime in the second half of 1980. In the meantime, Eugene Abegg and Peter Jeffery excelled themselves with a 2.3% return on assets ($5m) in 1979, trebling the level typically returned by competing banks.

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