Wesco_Financial_Corporation
Wesco Financial
U.S. financial services company
Wesco Financial Corporation was an American diversified financial corporation headquartered in Pasadena, California. Wesco was originally the holding company for Mutual Savings, a savings and loan association. Mutual Savings' thrift operations were sold to CenFed Bank in 1993.[6] It was for a long time 80.1% owned by Blue Chip Stamps, which is now completely and fully owned by Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Charlie Munger, the vice-chairman of Berkshire Hathaway and Buffett's business partner, was CEO and chairman of Wesco from 1984 to 2011. Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the now discontinued Wesco shareholder meetings in Pasadena, where he used to interact with the outside investors at considerable length.[7] In June 2011, Berkshire Hathaway acquired the approximately 20% of Wesco that it did not already own, making it a wholly owned subsidiary of that company.[8]
Wesco Financial was previously likened to a miniature version of Berkshire Hathaway by certain observers, although Buffett and Munger cautioned investors that this was not an appropriate comparison. Like its parent company, Wesco provided insurance and reinsurance; it does so through subsidiaries Wesco-Financial Insurance Company and Kansas Bankers Surety. It also held shares in some of the same companies as Berkshire, like Coca-Cola, Kraft Foods, Procter & Gamble, and Wells Fargo. Controlling interests include CORT Business Services and Precision Steel Warehouse, which has steel service centers in Chicago and Charlotte, North Carolina.