David Sokol, a possible successor to Warren Buffett (BRK.A), resigns. In his letter, Buffett...

David Sokol, a possible successor to Warren Buffett (BRK.A), resigns. In his letter, Buffett mentions two facts: 1) Sokol's desire to build a family business. 2) Sokol's ownership of Lubrizol (LZ) shares, which is now being bought by Berkshire Hathaway.

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Comments (9)
  • Hillbilly Stock Star
    , contributor
    Comments (746) | Send Message
    Sokol becomes a home gamer. LOL.
    30 Mar 2011, 05:24 PM Reply Like
  • Stoploss
    , contributor
    Comments (1713) | Send Message
    30 Mar 2011, 05:32 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
    I always wonder what possesses these guys to risk it all for another million. How much did he get from his 100K purchase after the announcement? $10, $20, 30? per share. So probably anywhere from 1/3 to 1 year's bonus money.


    How much is enough?
    30 Mar 2011, 06:36 PM Reply Like
  • rothyman
    , contributor
    Comments (127) | Send Message
    Probably why Buffett politely (or not so) showed him the door. It says a lot that Sokol would try to pull something like this while he was in the running to take over Berkshire. Any responsible person in his position would have restrained themselves.
    30 Mar 2011, 09:58 PM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    Has anyone considered that Berkshire investors are concerned about the death or retirement of the wrong person? What if Munger has been the brains behind the investments all along and he has given over the limelight to Buffett to be the face of the company.
    31 Mar 2011, 06:22 AM Reply Like
  • john12345
    , contributor
    Comments (336) | Send Message
    Sadly, Sokol may be just one of many. Why do we trust any of the other managers of public companies to do anything but line their pockets first?
    31 Mar 2011, 06:18 PM Reply Like
  • James Allen, Sr.
    , contributor
    Comments (58) | Send Message
    My guess is that when WB found out about Sokol's ownership of those recently acquired shares, he asked Sokol to tender the shares to BRK at his cost, and Sokol refused. If you read The Snow Ball, you will understand that getting between Buffett and something he wants and making a profit is a no-no when you also work for/with him. Also, Sokol is almost certainly being disingenuous when he claims that he had no idea of BRK would be interested. He most certainly did have an idea. He doesn't get glowing praise in the annual letters for being stupid.


    A violation of the seamless web of deserved trust.
    31 Mar 2011, 09:08 PM Reply Like
  • IRobot
    , contributor
    Comments (2) | Send Message
    Corruption and self-serving behavior is rampant in all societies, including our own, so here we go again...


    In the US, corruption may be low-key compared with places like India, Russia, Iraq, Afghanistan (to name just a few), but its influence on the well being of our citizens can nevertheless be quite profound.


    Brilliant, well-dressed, well-spoken thieves in organizations such as Goldman callously build their wealth at the expense of others, and use their wealth and power to deflect any outside controls on their behavior. Those in the financial world who get caught, such as Sokol, are said to be stupid for overreaching, but they have as role models those masters of the financial sector who have blatantly gotten away with it!


    It may be helpful to remind the corrupt ones what happened to the wealthy and corrupt elites in the aftermath of the French and Russian revolutions. Evil behavior of the elites, in times of economic hardship, can incite evil counter-reactions from the masses. Neither is desirable. Corrupt elites take note: you may be creating a tsunami that will wash your house away with little or no warning.
    1 Apr 2011, 02:28 AM Reply Like
  • robzz
    , contributor
    Comments (6) | Send Message
    Judge Not Lest Ye Be Judged!
    24 Dec 2011, 06:31 AM Reply Like
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