David Sokol on CNBC: Being head of Berkshire isn't a job he would have wanted. He says he took...


David Sokol on CNBC: Being head of Berkshire isn't a job he would have wanted. He says he took the Lubrizol takeover idea to Buffett and disclosed his holdings, but didn't think Buffett had any interest in a deal. (resignation background)
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Comments (4)
  • tigersam
    , contributor
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    Something does not smell good here!
    31 Mar 2011, 08:19 AM Reply Like
  • PERPLEXEDER
    , contributor
    Comments (14) | Send Message
     
    Yeah, he didn't think Buffet would be interested in the deal, because, after all, the company really wasn't all that hot. I mean, just because Sokol had a boatload of shares, he didn't really think Lubrizol was a very good investment. I expect to see Sokol in the news soon, raising the Boyscout salute, quoting Nixon in his inimitable "I am not a crook!"
    31 Mar 2011, 08:45 AM Reply Like
  • Jim in Canada
    , contributor
    Comments (3) | Send Message
     
    I think people need to watch the CNBC Squawk Box interview - then make up your own mind. I expect the conspirators will read into it all kinds of issues, others will not. My view, watching the interview and seeing Bershire's pedigree I see no wrong, in hindsight, if I were him I'd one things differenlty to avoid appearance of wrong doing. Also I-bankers exaggerate 'facts' to improve their chances of 'success' - so its unlikely Sokol's conversations or Lubrizol's conversations with i-bankers were exchanged factually through the i-bankers. I'm glad Berkshire got out in front of this and i wish Simon Hobb's watched the interview as his current thoughts on CNBC SOTS are very embarassing to all.
    31 Mar 2011, 09:28 AM Reply Like
  • rothyman
    , contributor
    Comments (127) | Send Message
     
    @Jim in Canada

     

    I think it's more of a question of Berkshire morals than David Sokol morals. Berkshire prides themselves on not even flirting with violations of the law. Clearly what Sokol did was in his best interests & not in the best interests of his company. If you were to hold him to CFA standards, he would be violating them right now.

     

    When you make market transactions you are not only representing yourself, but you are representing your company. David Sokol knew this and still chose to act in his best interests. Can't say I blame him, but he had to have known that Buffett was going to come down on him for it.
    31 Mar 2011, 01:36 PM Reply Like
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