Warren Buffett shut a Berkshire Hathaway Inc. credit card business and sold bad loans at 55 cents on the dollar in what he called a "very expensive business fiasco."

"I finally woke up," Buffett said in his annual letter to Berkshire shareholders on Saturday. The company's chairman said the cards, issued by Berkshire's car insurance unit Geico, were his idea and popular with customers. "We got business all right — but of the wrong type," Buffett wrote.

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