Buffett’s $50 million credit card blunder

Buffett’s $50 million credit card blunder – Peddling credit cards isn’t so easy that a caveman can do it.

That seems to be the conclusion Berkshire Hathaway (BRK.A) chief executive Warren Buffett reluctantly reached last year, when he shut down a money-losing credit card business he had dreamed up for Berkshire’s Geico car-insurance unit.

The decision was disclosed in Buffett’s annual letter to Berkshire shareholders, released Saturday. – Continue reading: CNNMoney

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