Climate Changed
Berkshire Takes Tax Hit as Victim of ‘Ponzi-Type’ Solar Scheme
- Expenses are tied to DC Solar, Buffett’s assistant says
- It’s likely ‘tax benefits that we recognized are not valid’
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Berkshire Hathaway Inc. thinks it was duped.
Billionaire Warren Buffett’s company took a $377 million charge after investing hundreds of millions in tax-equity investment funds tied to a company that federal authorities say engaged in fraud, according to Berkshire’s first-quarter regulatory filing. The investments were tied to DC Solar, Debbie Bosanek, Buffett’s assistant, said Wednesday in response to Bloomberg’s questions about the expense. That’s the mobile solar generator company that federal authorities have alleged ran a fraudulent scheme involving tax benefits.