Buffet Sokol investment scandal

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Warren Buffet has long been viewed as one of the most respected investors in the field, amassing a personal fortune in the billions of dollars.  His skills and ethics are often made the measuring rod of the industry, but the actions of one of his top lieutenants and Buffet’s own distancing dance from him calls into question his overall method of doing business.  David Sokol, formerly the chairman of MidAmerican Energy Corp and Buffet’s presumed successor, has been accused of misleading Buffet’s company, Berkshire Hathaway, and the public about his investments in the Lubrizoil Corp.  He has since resigned his position.

Initially, Buffet stated that he felt Sokol had never intentionally misled anyone, but the report released by Berkshire Hathaway seems to contradict this, as it places all blame squarely on Sokol.  Buffet clearly distances himself and his company from the scandal and condemns the actions of his former lieutenant.  Many are skeptical at Buffet’s attempt, and his upcoming stockholders meeting later this month should prove interesting.

 

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Reading Time: 1 minute

Warren Buffet has long been viewed as one of the most respected investors in the field, amassing a personal fortune in the billions of dollars.  His skills and ethics are often made the measuring rod of the industry, but the actions of one of his top lieutenants and Buffet’s own distancing dance from him calls into question his overall method of doing business.  David Sokol, formerly the chairman of MidAmerican Energy Corp and Buffet’s presumed successor, has been accused of misleading Buffet’s company, Berkshire Hathaway, and the public about his investments in the Lubrizoil Corp.  He has since resigned his position.

Reading Time: 1 minute

Warren Buffet has long been viewed as one of the most respected investors in the field, amassing a personal fortune in the billions of dollars.  His skills and ethics are often made the measuring rod of the industry, but the actions of one of his top lieutenants and Buffet’s own distancing dance from him calls into question his overall method of doing business.  David Sokol, formerly the chairman of MidAmerican Energy Corp and Buffet’s presumed successor, has been accused of misleading Buffet’s company, Berkshire Hathaway, and the public about his investments in the Lubrizoil Corp.  He has since resigned his position.

Initially, Buffet stated that he felt Sokol had never intentionally misled anyone, but the report released by Berkshire Hathaway seems to contradict this, as it places all blame squarely on Sokol.  Buffet clearly distances himself and his company from the scandal and condemns the actions of his former lieutenant.  Many are skeptical at Buffet’s attempt, and his upcoming stockholders meeting later this month should prove interesting.

 

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