As a billionaire Warren Buffett

buffett meets president barack obama @ white house in july 2011

during 2005 investigation of accounting fraud case involving aig, gen re executives became implicated. on march 15, 2005, aig board forced greenberg resign post chairman , ceo after new york state regulators claimed aig had engaged in questionable transactions , improper accounting. on february 9, 2006, aig agreed pay us$1.6 billion fine. in 2010, u.s. government agreed us$92 million settlement gen re, allowing berkshire hathaway subsidiary avoid prosecution in aig case. gen re made commitment implement corporate governance concessions, required berkshire hathaway’s chief financial officer attend general re’s audit committee meetings , mandated appointment of independent director.

in 2002, buffett entered in us$11 billion worth of forward contracts deliver u.s. dollars against other currencies. april 2006, total gain on these contracts on us$2 billion. in 2006, buffett announced in june gradually give away 85% of berkshire holdings 5 foundations in annual gifts of stock, starting in july 2006—the largest contribution go bill , melinda gates foundation.

in 2007, in letter shareholders, buffett announced looking younger successor, or perhaps successors, run investment business. buffett had selected lou simpson, runs investments @ geico, fill role; however, simpson 6 years younger buffett.