Buffett's Baby Is Taking a Bumpy Ride
Mr. Buffett declined to be interviewed, but he noted in his most recent letter to Berkshire Hathaway shareholders that while he had thought that NetJets would be profitable last year, he had been "dead wrong." Mr. Santulli, the chairman and chief executive of NetJets, who agreed to telephone interviews, had a more colorful observation of his company's problems in 2005 — induced, he said, by haggling over a new pilots' contract, increasing and budget-busting demands on its domestic fleet, and a number of continuing problems in its efforts to build a European presence:
"It was horrible, horrible," Mr. Santulli said. "I was embarrassed."
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