Thursday, February 9, 2023

Warren Buffett opposes streetcars in Omaha

Omaha, Nebraska. USA ( Associated Press) – Billionaire investor Warren Buffett has gone back on a promise to stay out of local politics after he told his hometown of Omaha to abandon a streetcar project, saying it is too expensive and less efficient than buses. is flexible. ,

Buffett wrote a letter to the editor of the Omaha World-Herald newspaper and met with the mayor to speak out against the $306 million project and to call for a referendum where city residents could decide on the issue.

However, city officials are moving forward with the project because they believe it will spur development, including the construction of a new Mutual of Omaha bank headquarters at a cost of $600 million.

In his letter, Buffett says he has decided to drop his promise to stay out of local politics “despite the fact that some people find it offensive that a 92-year-old man is telling them that his future is What’s good.” He stressed that he wanted to comment on the issue because “it would be prohibitively expensive if implemented.”

“It would be better for residents to have a more extensive or more intensive service than a bus system,” Buffett wrote. “A bus system can be modified as population, commerce or the desired destination change. Trams run haphazardly, with heavy public subsidies. Mistakes are literally carved into the cement.”

Buffett did not respond to questions about his letter on Thursday.

The streetcar project will begin less than 20 blocks from the home where Buffett has lived for decades and will pass right next to the headquarters of his company, Berkshire Hathaway.

Nation World News Desk
Nation World News Desk
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