Wesco Financial

Wesco Financial

Wesco Financial Corporation (NASDAQ: WSC) is a diversified financial corporation headquartered in Pasadena, California.

Wesco was originally a savings and loan association. It is 80.1% owned by Blue Chip Stamps, which is wholly owned by Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Wesco is chaired by Charlie Munger, who is also vice-chairman of Berkshire Hathaway and the man that Buffett has often publicly referred to as his "partner". Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the annual Wesco shareholder meetings in Pasadena, where he often interacts with the outside investors at considerable length.

Wesco does business in three major categories; insurance, furniture rental, and steel service. The following wholly owned subsidiaries handle most of Wesco's business:
Wesco-Financial Insurance
Kansas Bankers Surety.
CORT Business Services Corporation, furniture rental.
Precision Steel Warehouse, Inc., a chain of steel service centers.

MS Property Company, which owns commercial real estate in Pasadena.

Type Public (NASDAQ: WSC)
Founded 1959
Headquarters Pasadena, California
Key people Charles T. Munger, Chairman of the Board
Robert H. Bird, President
Jeffrey L. Jacobson, VP & CFO
Industry Insurance,Furniture Rental,Steel
Revenue ▲ $888.30 million USD (FY 2005)
Owner(s) Berkshire Hathaway
Employees 2473 (17 at KBS, 2250 at CORT, 200 at Precision Steel, 6 at Wesco) (as of 2004)
Website www.wescofinancial.com