Even the execs mess up
The financial future can be very risky. If you do not know the ins and outs of credit, it can be tricky. According to Reuters, even financial guru, Warren Buffett “goofed” when he made the decision to push a Geico credit card in an attempt to hold on to Geico’s “cream of the crop” customers.
After flexing his age and wisdom he managed to successfully push the Geico credit card resulting in a loss of “$6.3 million pretax on cards…$44 million more when it sold a $98 million portfolio of card receivables, at 55 cents on the dollar.” Though Buffett has admitted to his mistakes and has closed that chapter in Geico history, he could have very well contributed to the downfall of the third largest car insurance company.
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