Warren Buffett Defends Bizav in CNBC Interview

 - March 10, 2009, 11:31 AM

When Berkshire Hathaway CEO Warren Buffett bought a Bombardier Challenger 600 twenty years ago, he named the large-cabin business jet The Indefensible because of his past criticisms of such purchases by other CEOs. However, after the investment guru used the jet, he realized its value as a business tool and later renamed it The Indispensable. Even in light of the current economy, Buffett believes that aircraft are still a valuable business tool, according to his remarks during an interview that aired on CNBC yesterday morning. Responding to a question about how he feels about President Obama “openly criticizing the use of corporate jets by CEOs,” Buffett said, “Berkshire has been better off by me having a plane available to go and do deals or whatever it may be. A lot of times it doesn’t work out. But net, it’s a plus. We have done things I wouldn’t have done if we hadn’t had a plane. And I think it’s…a big mistake to start demonizing anybody in this game. I just think it causes the American people to look backwards. And we don’t want villains, we want victory.”