Mr. Buffetts son Howard will become nonexecutive chairman when his father no longer serves in that role. The letter also detailed Berkshire Hathaways success. Last year, the companys market value increased by 1. Over the last 5. 0 years, the stock is up 1,8. Although Berkshire did not strike any megadeals last year, it continued to grow by making 3. Simon Fischer Basics Ebook Readers' title='Simon Fischer Basics Ebook Readers' />Mr. Buffett also reiterated Berkshires interest in making a deal worth 5 billion to 2. WELLS FARGO CAPS SUPPRIME AUTO LOANS Wells Fargo, the giant San Francisco bank, has been at the center of the boom in making auto loans to people with poor credit scores. Now, with signs that the market is overheating, the bank has decided to limit the dollar volume of its subprime auto originations to 1. Michael Corkery and Jessica Silver Greenberg write in Deal. Book. The decision, detailed in interviews with top Wells Fargo executives, along with other large auto lenders, is a sobering moment for the booming market, they add. Other lenders may decide to take their cue from Wells Fargo, one of the nations largest lenders. After successfully sidestepping many of the catastrophic mortgage losses that hit its competitors during the financial crisis, the bank has developed a reputation for deftly managing risk. Over all, auto loans to subprime borrowers typically people with credit scores at or below 6. But such growth has given rise to concerns that increasing competition is fostering lax lending practices, including longer repayment periods and increased loan balances, Mr. Corkery and Ms. Silver Greenberg write. The Wells Fargo executives emphasized in the interviews that they remained committed to auto lending and had no plans to abandon subprime auto loans altogether. SEMICONDUCTOR GIANTS TO MERGE NXP Semiconductors said on Sunday that it would buy a smaller peer, Freescale Semiconductor, in an 1. Deal. Books Michael J. Merced reports. A combination would help the two chip manufacturers in their dealings with customers like car companies and phone makers that are looking to consolidate their lists of suppliers. Under the deals terms, NXP will pay 6. Freescale share held. That values Freescale at roughly its existing market capitalization, although shares of Freescale rose last month after The New York Post reported that the company was exploring a sale. The discussions between the two companies that eventually led to the current deal began a little over six months ago, according to people briefed on the matter, though potential strategic acquirers of Freescale had made inquiries about a deal several times over the last four years. Both NXP and Freescale were previously parts of bigger corporations that eventually became targets of private equity firms, Mr. Merced writes. NXP was formerly a division of the Dutch electronics giant Philips until it was acquired in 2. Kohlberg Kravis Roberts and Bain Capital for about 1. Freescale had been a part of Motorola until being purchased in 2. Blackstone Group, the Carlyle Group, TPG Capital and Permira for 1. At the initial deal price, Freescales private equity backers will roughly recoup their initial investment. ON THE AGENDA Data on personal income and outlays is released at 8 3. Data on consumer spending comes out at 8 3. The Markit purchasing managers manufacturing index is out at 9 4. The Institute for Supply Management manufacturing composite index is released at 1. Data on construction spending comes out at 1. EX TYCO CHIEFS PATH TO OBSCURITY L. Dennis Kozlowski, the former chief executive of Tyco, was once the face of Wall Street gluttony he threw a 2 million birthday party in Sardinia in 2. Fifth Avenue. But then, in 2. Tyco, for which he served six and a half years in prison. Now a free man, he spoke with The New York Times about life in prison, his last three years in Manhattan on work release and parole, and about the future. In a series of recent interviews, Mr. Kozlowski, once known as Deal a Day Dennis, described how he adores his wife his third, treasures the time he spends with his grandchildren and appreciates fresh avocados. He acknowledges making mistakes, but maintains that he was unfairly convicted, especially in light of how few big names were brought to trial in the most recent period of Wall Street malfeasance. Now, he spends most weekdays in a small Midtown office lent to him by a friend. He hopes to open his own small M. A. WHY BITCOINS TECHNOLOGY MATTERS As Bitcoins price has declined over the last year, critics have been quick to declare the virtual currency dead. Bitcoins true value, however, might be not in the currency itself but in the engine that makes it possible, Sydney Ember writes in Deal. Book. Underlying Bitcoin is the block chain, a decentralized database that is driven by cryptography. By simply downloading the Bitcoin software, anyone can gain access to the block chain, search it and submit transactions to the network. Entrepreneurs worldwide are now working to harness that technology for use beyond Bitcoin transactions. The block chain, they say, could ultimately upend not only the traditional financial system but also the way people transfer and record financial assets like stocks, contracts, property titles, patents and marriage licenses essentially anything that requires a trusted middleman for verification, Ms. Ember writes. Although companies focused on financial applications for the block chain far outnumber those experimenting with other uses, the gap is narrowing. But with the rise of the block chain has come a fundamental question Should technology replace human discretion Some experts, even those who study cryptocurrency, are skeptical. George Washington Wikipedia. George Washington. President of the United States. In office. April 3. March 4, 1. 79. 7Vice President. John Adams. Preceded by. Position established. Succeeded by. John Adams. Senior Officer of the U. S. Army. In office. July 1. 3, 1. 79. December 1. 4, 1. Appointed by. John Adams. Preceded by. James Wilkinson. Succeeded by. Alexander Hamilton. Commander in Chief of the. Continental Army. In office. June 1. December 2. 3, 1. Appointed by. Continental Congress. Preceded by. Position established. Succeeded by. Henry KnoxSenior Officer of the ArmyDelegate to the Second Continental Congress from Virginia. In office. May 1. June 1. 5, 1. 77. Preceded by. Position established. Succeeded by. Thomas Jefferson. Delegate to the First Continental Congressfrom Virginia. In office. September 5, 1. October 2. 6, 1. 77. Preceded by. Position established. Succeeded by. Position abolished. Personal details. Born1. 73. 2 0. February 2. Bridges Creek, Colony of Virginia, British America present day Virginia, U. S. Died. December 1. Mount Vernon, Virginia, U. S. Cause of death. Epiglottitis and hypovolemic shock. Resting place. Washington Family Tomb, Mount Vernon, Virginia, U. S. Political party. None. SpousesMartha Dandridge m. Parents. Augustine Washington. Mary Ball. Awards. Congressional Gold Medal. Thanks of Congress. Signature. Military service. Allegiance. Kingdom of Great Britain. United States of America. Servicebranch. Colonial Militia. Continental Army. United States Army. Years of service. British Militia1. Continental Army1. U. S. ArmyRank. Colonel British ArmyGeneral and Commander in Chief Continental ArmyLieutenant General United States ArmyGeneral of the Armiespromoted posthumously 1. Empire Earth Art Of Conquest Download Italy Visa. Act of CongressCommands. Virginia Colonys regiment. Continental Army. United States Army. Battleswars. George Washington February 2. December 1. 4, 1. American statesman and soldier who served as the first President of the United States from 1. Founding Fathers of the United States. He served as Commander in Chief of the Continental Army during the American Revolutionary War, and later presided over the 1. United States Constitution. He is popularly considered the driving force behind the nations establishment and came to be known as the father of the country, both during his lifetime and to this day. Washington was born into the provincial gentry of Colonial Virginia to a family of wealthy planters who owned tobacco plantations and slaves, which he inherited. In his youth, he became a senior officer in the colonial militia during the first stages of the French and Indian War. In 1. 77. 5, the Second Continental Congress commissioned him as commander in chief of the Continental Army in the American Revolution. In that command, Washington forced the British out of Boston in 1. New York City. After crossing the Delaware River in the middle of winter, he defeated the British in two battles Trenton and Princeton, retook New Jersey, and restored momentum to the Patriot cause. His strategy enabled Continental forces to capture two major British armies at Saratoga in 1. Yorktown in 1. 78. Historians laud Washington for the selection and supervision of his generals preservation and command of the army coordination with the Congress, state governors, and their militia and attention to supplies, logistics, and training. In battle, however, Washington was sometimes outmaneuvered by British generals with larger armies, yet was always able to avoid significant defeats which would have resulted in the surrender of his army and the loss of the American Revolution. After victory had been finalized in 1. Washington resigned as commander in chief rather than seize power, proving his commitment to American republicanism. Washington presided over the Constitutional Convention in 1. United States. Washington was widely admired for his strong leadership qualities and was unanimously elected president by the Electoral College in the first two national elections. Following his election as president in 1. He supported Alexander Hamiltons programs to satisfy all debts, federal and state, established a permanent seat of government, implemented an effective tax system, and created a national bank. In avoiding war with Great Britain, he guaranteed a decade of peace and profitable trade by securing the Jay Treaty in 1. Jeffersonians. He oversaw the creation of a strong, well financed national government that maintained neutrality in the French Revolutionary Wars, suppressed the Whiskey Rebellion, and won wide acceptance amongst Americans. Washingtons incumbency established many precedents still in use today, such as the cabinet system, the inaugural address, and the title Mr. President. 78 His retirement from office after two terms established a tradition that lasted until 1. Amendment. He remained non partisan, never joining the Federalist Party, although he largely supported its policies. Washingtons Farewell Address was an influential primer on civic virtue, warning against partisanship, sectionalism, and involvement in foreign wars. He retired from the presidency in 1. Mount Vernon. Upon his death, Washington was eulogized as first in war, first in peace, and first in the hearts of his countrymen by Representative Henry Lee III of Virginia. He was revered in life and in death scholarly and public polling consistently ranks him among the top three presidents in American history. He has been depicted and remembered in monuments, public works, currency, and other dedications to the present day. Early life 1. 73. George Washington was the first child of Augustine Washington 1. Mary Ball Washington 1. Popes Creek Estate near present day Colonial Beach in Westmoreland County, Virginia. He was born on February 1. Julian calendar and Annunciation Style of enumerating years then in use in the British Empire. The Gregorian calendar was adopted within the British Empire in 1. February 2. 2, 1. Washington was of primarily English gentry descent, especially from Sulgrave, England. His great grandfather John Washington immigrated to Virginia in 1. Lawrence and his grandson, Georges father Augustine. Augustine was a tobacco planter who also tried his hand in iron manufacturing ventures. In Georges youth, the Washingtons were moderately prosperous members of the Virginia gentry, of middling rank rather than one of the leading planter families. Six of Georges siblings reached maturity, including older half brothers Lawrence and Augustine, from his fathers first marriage to Jane Butler Washington, and full siblings Samuel, Elizabeth Betty, John Augustine, and Charles. Three siblings died before adulthood his full sister Mildred died when she was about one, his half brother Butler died in infancy, and his half sister Jane died at age twelve, when George was about two. His father died of a sudden illness in April 1. George was eleven years old, and his half brother Lawrence became a surrogate father and role model. William Fairfax was Lawrences father in law and the cousin of Virginias largest landowner Thomas, Lord Fairfax, and he was also a formative influence. William Fairfaxs son, George William Fairfax, was a close friend and associate of Washington. His, wife, Sally, was also a friend of Washington and an early romantic interest. While no evidence exists of a sexual affair between the two, Washington wrote Sally love letters even after she had married. Washingtons father was the Justice of the Westmoreland County Court. George spent much of his boyhood at Ferry Farm in Stafford County near Fredericksburg. Lawrence Washington inherited another family property from his father, a plantation on the Potomac River at Little Hunting Creek which he named Mount Vernon, in honor of his commanding officer, Vice Admiral Edward Vernon. George inherited Ferry Farm upon his fathers death and eventually acquired Mount Vernon after Lawrences death.