Florida to pay Buffett $224m for $4bn bond option - reports
Florida politicians have turned to Warren Buffett in a deal which will see Berkshire Hathaway commit to buying $4bn in bonds issued by the Florida Hurricane Catastrophe Fund should claims hit more than $25bn this hurricane season, various reports from the US have revealed.
The deal, which was agreed on Wednesday by Governor Charlie Crist, chief financial officer Alex Sink and Attorney General Bill McCollum, will see Berkshire Hathaway receive a fee of $224m.
The bonds
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