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Tuesday, November 24, 2009

NetJets cuts its pledged donations

NetJets Inc. has angered some central Ohio business leaders by slashing millions of dollars in funding promised to nonprofit groups, including nearly $9 million to the Pelotonia bike tour.
Ride organizers now are scrambling to replace the millions the Columbus-based division of Berkshire Hathaway had pledged to support the fundraising event through 2013.The situation prompted Limited Brands founder Leslie H. Wexner to write a letter to Warren Buffett, Berkshire's chairman and chief executive, chastising the nation's second-wealthiest man for allowing one of his companies to not live up to charitable commitments.
In the letter, Wexner told Buffett that he was "shocked and appalled" that NetJets "(turned) its back on the community."
"Your company reneged on numerous charitable commitments totaling millions of dollars here in central Ohio," he wrote. "The explanation? Berkshire Hathaway/NetJets had a tough year. more...


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