David Sokol-- Warren Buffett's Right Hand Man

[beergut111]

this idiot is a complete moron

[beergut111]

this guy really wrecked netjets. sad it was a good company. i hope this tool goes to jail.

[49fiori]

how is this a problem?

I buy shares in ABC because I value it as a very interesting company, I wish I have more money and I buy the whole company but I don't. So, I go to my rich friend who has money, and I tell him "look ABC is selling cheap, why don't you buy the whole business.??" the rich guy says, OK - I will buy it. ABC price share jumpst 28%, I sell my shares, and I am make $3m profit....so, how exactly is this wrong???!?!?

[sjs2011]

This is called insider trading buddy. Simple as that.

Mr Sokol should have disposed of his shares if he knew there was a likelihood his own company and its controllers were considering launching a takeover bid.

[lustcorp]

David Sokol just resigned amid SEC investigation. He bought about 96,060 shares Lubrizol at around $104 each. He then recommended the company to Warren Buffett. The first time Warren Buffett wasn't interested. The second time Warren Buffett got interested. Later Berkshire Hathaway bought the company for $135 a share. David Sokol basically pocketed around $3 million of that investment. I wish I had that kind of information. Then again, may be not. I don't like to be investigated by the SEC.

[md991free]

@lustcorp What he did seems strange because it falls under a very gray area of securities law, but if I was him giving the current mood of the economy and the American people he should have not done it or  should have sold his share prior to his firm purchasing the entire company.

When you at his position is always better to be in the side of caution.

[aidanqn]

Next Berkshire chairman, perhaps?

[md991free]

@aidanqn I just read the official report released by the audit committee of BH and it is not good news for Mr. David Sokol. He definitely violated company policies and ethics in every levels, including misleading top management.

As a senior officer of that firm with vast wealth and responsibilities he should have known better and use better judgment. And to think this fool was in line to replace the most respected CEO in America is even sadder.

He is a greedy pig.

[theguvnorjimmy]

First comment.