Warren Buffett, Charlie Munger spotlight economic realities in defending job cuts, housing firm

BRENDAN SULLIVAN/THE WORLD-HERALD
Berkshire Hathaway’s Clayton Homes subsidiary has faced allegations of predatory lending, but Berkshire CEO Warren Buffett — shown here Saturday at the Clayton display at the CenturyLink Center — defended the manufactured-housing company during Berkshire’s annual shareholders meeting, saying, “I’m proud of the Clayton management.”

http://www.omaha.com/money/warren-buffett-charlie-munger-spotlight-economic-realities-in-defending-job/article_2b3bf215-0138-5ac4-b804-3de5eded2368.html

POSTED: SATURDAY, MAY 2, 2015 1:00 AM
By Steve Jordon / World-Herald staff writer

Foreclosures, layoffs, plant closings, labor disputes — the difficulties of capitalism came through clearly Saturday alongside the hoopla of celebrating Warren Buffett’s 50 years of leading Berkshire Hathaway Inc.

It was a lesson in economic reality for Berkshire shareholders gathered in Omaha and relayed to anyone else hearing accounts of the meeting.

That includes workers let go at H.J. Heinz Co. plants, people defaulting on their mortgages for Berkshire-built manufactured homes and the 300 pilots at the CenturyLink Center who demonstrated their union’s viewpoint in negotiations with Berkshire’s NetJets division.

Chairman and CEO Buffett and Vice Chairman Charlie Munger were unapologetic about business managers’ need to make tough decisions.

FULL story at link.