As if we needed another sign that the biggest buyout in history was a colossal flop, even the Oracle of Omaha is eating crow. Warren Buffett, in his annual letter to shareholders of his company, Berkshire Hathaway, warned that weak natural gas prices could “virtually wipe out” the $2 billion worth of bonds he purchased in Energy Futures Holdings.
Berkshire bought the bonds in 2007, after the Dallas-based utility, then known as TXU, was taken private by KKR and TPG, two private equity firms, in a $43.2 billion deal.
