Audit Finds Sokol Misled Buffett, Broke Insider Trading Rules, Berkshire May Sue: "They're Throwing Him Under A Bus" (Video)

April 28 (Bloomberg) -- David Sokol violated Berkshire Hathaway Inc.’s insider-trading rules and misled the company about his personal stake in Lubrizol Corp., which he recommended as a takeover target to Chairman Warren Buffett, the firm said.  An 18-page report released yesterday by Berkshire’s audit committee portrayed Buffett as a victim of deception and said the company should weigh suing Sokol, 54, to recover his trading profits.

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Bloomberg

Berkshire will cooperate with any government investigations related to Sokol’s Lubrizol transactions and weigh suing the former manager to recover his trading profits, according to a report from Omaha, Nebraska-based Berkshire’s audit committee.

Sokol’s purchase of about $10 million in Lubrizol stock while facilitating Buffett’s deal to buy the lubricant maker “violated company policies, including Berkshire Hathaway’s Code of Business Conduct and Ethics and its insider-trading policies and procedures,” according to the report.

Buffett, 80, is facing questions about his oversight of managers and criticism for not condemning the stock trading that preceded Sokol’s resignation from Berkshire. Buffett had said March 30 in announcing Sokol’s departure that he didn’t believe the trades were unlawful.

“They’re throwing Sokol under the bus,” said Stephen Bainbridge, a professor at the UCLA School of Law who has written and taught about corporate governance.

Comments

[LiberatedCitizen]

Buffett is just another obama supporter and a welfare queen pretty funny the throwing them under the bus analogy lol

Sokol's Lawyer Fires Back at Berkshire Hathaway

http://www.economicpolicyjournal.com/2011/04/sokols-lawyer-fires-back-at-berkshire.html

Wanna know why Buffet pushed for TARP bailout?

Suffice it to say Berkshire owned stock in some largest receipents of TARP valued at $13 billion around that time.

Here is the funny part:

Buffett increased his bank holdings in September, while he was arguing in the media that Congress should approve the bailout to prevent the collapse of the global financial system.

TARP was approved in October of that year, just one month later!

He actually said “if he didn’t think the government was going to act(in a way that would positive and accretive to hihis holding) he wouldn’t have been doing anything that week”.

Bottom line we the taxpayer bailed out another obama backer buffet (along with goldman sucks)

http://www.mcclatchydc.com/2009/04/05/65496/buffett-champion-of-bailout-is.html

Backed obama

http://afp.google.com/article/ALeqM5iEoh4tPLHPMMok875VIJDcq3FOKg

Warren Buffett to advise Barack Obama on the economy

http://www.bloggingstocks.com/2008/07/28/warren-buffett-to-advise-barack-obama-on-the-economy/

For those who still don't get it..

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

An Updated List of Goldman Sachs Ties to the Obama Government

http://my.firedoglake.com/fflambeau/tag/obama/

[Howard T. Lewis III]

Part of Sokols job was to bring plausible deniability to Buffett investments. Or more bluntly Buffett: Sokol, what do you do for a living? Sokol: I wear a suit and tie and help make you rich while preparing for the eventuality of being thrown under a bus. Buffett: Thats why I hired you, Sokol!

[WTH]

Pay attention people... this is what justice looks like... You do NOT SCREW people who belong to the club... got it? It's perfectly fine to steal trillions of dollars from the TAXPAYERS and add it to the national debt, however.

[okgo]

Buffet is the real joker?

http://i.imgur.com/4eV1m.jpg