Warren Buffett’s company says a billionaire family offered bribes to inflate earnings at a truck stop chain
Associated Press— Warren Buffett’s Berkshire Hathaway says the billionaire Haslam family tried to bribe at least 15 executives at the Pilot truck stop chain with millions of dollars to get them to inflate the company’s profits this year because that would force Berkshire to pay more for the Haslams’ remaining 20% stake in the company. The Berkshire claim in a counter lawsuit filed this week comes after the Haslam family — which includes Cleveland Browns owner Jimmy Haslam and former Tennessee governor Bill Haslam — accused Berkshire of trying to understate Pilot’s earnings this year by changing its accounting practices. The price Berkshire will eventually pay when the Haslams decide to sell their remaining stake is determined by a formula based on Pilot’s reported earnings that Buffett and the family agreed to in 2017. The Haslams said Berkshire’s decision to shift to something called “pushdown accounting” this year forced Pilot to take on higher depreciation and amortization costs and that resulted in lower net income.
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