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2020 PROXY STATEMENT. 2018 Annual Report. 2018 ANNUAL REPORT. 2019 PROXY STATEMENT. 2017 Annual Report. 2017 ANNUAL REPORT. 2018 PROXY STATEMENT. 2016 Annual Report. 2016 ANNUAL REPORT.
The first scam that WESCO International employees and retirees should look out for is phishing. Phishing and text message scams usually involve unsolicited emails or text messages that seem to come from legitimate IRS sites to convince you to provide personal or financial information.
- The Early Years
- The Middle Period
- More Recent Controversies
- The Bottom Line
Wesco Financial Corporation
Warren Buffett's first brush with controversy occurred during the acquisition of Wesco Financial Corporation in 1974. In brief, Buffett and his business partner, Charlie Munger, began acquiring Wesco shares in 1972 via their company Blue Chip Stamps. As detailed in the 2000 book Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger by Janet Lowe, they worked hard to stop a proposed acquisition of Wesco by another company in 1973.They then spent the next two years a...
Buffalo Evening News
Buffett found himself the target of antitrust charges when he acquired the Buffalo Evening Newsfor a reported $33 million in 1977, again through Blue Chip Stamps. Buffett and the Buffalo Evening Newsprevailed in the legal proceedings. Moreover, the antitrust action seemed to some observers a desperate attempt by the rival Buffalo Courier-Express to use the courts to take out its competition. It was a stressful time all around, and Buffett was accused of failing to respect prior gentlemen's ag...
Salomon Brothers
One of the most serious controversies involving Warren Buffett occurred in 1990. In 1987, Berkshire Hathaway had acquired a 12% interest in the investment banking firm of Salomon Brothers. In 1990, the news came out that a rogue trader had submitted bids in excess of Treasury rules and CEO John Gutfreund had failed to take disciplinary action. The U.S. government threatened to hold Salomon accountable. Buffett stepped into the breach. He directly intervened with the U.S. Treasuryto reverse a...
Berkshire Hathaway's Charitable Giving
Berkshire Hathaway has experienced controversy due to its former charitable giving practices. Buffett believed that it was inappropriate for a company to direct its charitable giving to the pet causes of the board of directors. Instead, he decided that shareholders of the company could allocate their proportionate share of the company's giving to the charitable organizations that they deemed worthy. Some shareholders elected to contribute to various pro-choice organizations. This inflamed som...
General Re
The charges in 2006 against Berkshire Hathaway subsidiary General Reinsurance Corporation, or General Re, were serious. It was claimed that General Re cooperated with insurance giant AIG to engage in finite reinsurance. Finite reinsurance was not insurance per se (with a corresponding transfer of risk). It was more of an accounting gimmick that allowed a company such as AIG to buff the appearance of its financial reports for a period of time. The government aggressively pursued AIG and its th...
Goldman Sachs
Berkshire Hathaway invested $5 billion in Goldman Sachs preferred stock during the 2008 financial crisis. Buffett believed that the stock purchase not only signaled confidence in the country's financial institutions but demonstrated that the U.S. business community would take crucial action when the U.S. government wouldn't. When the investment bank redeemed those shares in 2011, Berkshire made $3.7 billion. However, Buffett's association with Goldman Sachs—a company famously described by the...
Wells Fargo
This episode is more a cautionary tale than it is a threatening controversy, occurring as it did while Berkshire Hathaway held a major portion of Wells Fargo shares. In 1989, Berkshire Hathaway began investing in Wells Fargo, spending $12.7 billion and capturing a 10% stake.Buffett considered the bank one of his favorite holdings. However, in 2016 Wells Fargo was fined $185 million for illegal business practices. These centered on the bank's intense drive to cross-sell products and services t...
Given the scope of Buffett's business dealings plus the long period of time that he's been active as an investor and businessman, he's fared quite well, as far as controversy goes. And while controversies have occasionally touched his companies, they have rarely left a mark on him.
Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with more than $18 billion in annual sales and a leading provider of business-to-business distribution, logistics services and supply chain solutions.
Here are a few cons that WESCO International employees should avoid: Fraudulent Imitation Schemes: Fraud (46,3%) and identity theft (29.4%) comprise the majority of FTC complaints. With nearly 500,000 total reports, imposter schemes are the most common type of fraud. These losses totaled nearly $1.2 billion, with an average loss of $850.
The investigation began when financial institutions reported to Wesco and local police agencies inaccurate charges on customer statements in several jurisdictions.
provider of business-to-business distribution, logistics services and supply chain management solutions. Pro forma 2020 annual sales were over $16 billion, including full year sales for Anixter International which WESCO acquired in June 2020. WESCO offers a best‑in‑class product
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