The Cannibalization At The Top Escalates: Sokol's (Re)Response To The Ukulele Master

Tyler Durden's picture

David Sokol's attorney Barry Wm. Levine fires right back, and it is now popcorn time.

“David Sokol is deeply saddened that Mr. Buffett, whom he considered a friend and mentor, would disparage him as he has done today. Neither Mr. Buffett nor the Audit Committee at Berkshire has requested to speak nor has spoken to Mr. Sokol since his resignation was made public by Mr. Buffett on March 30th. Mr. Buffett drafted the March 30th press release announcing Mr. Sokol’s resignation in cooperation with Mr. Charlie Munger and Mr. Ronald Olson both of whom are Berkshire Board Members. They know the law and they know the Berkshire policies. In that context, Mr. Buffett correctly declared Mr. Sokol’s conduct lawful and indeed was effusive of his praise of him. There is no new information or new fact which has become available to them since that press release was issued on March 30th. At no time did Mr. Sokol attempt to withhold information from Mr. Buffett, Berkshire Hathaway or the Audit Committee. Every question asked of Mr. Sokol on or prior to March 30th and any information requested of him has been provided. The Audit Committee report, which was prepared by the law firm of Munger Tolles & Olson contains errors and omissions, both of which could have been avoided if the Audit Committee had inquired of Mr. Sokol.

It is alarming that Mr. Buffett would be advised to so completely flip-flop and resort to transparent scapegoatism. After 11 years of dedicated and hugely successful service to various Berkshire Hathaway subsidiaries, Mr. Sokol would have expected to be treated fairly. That would have been in Berkshire’s interest.

Let me be clear about central facts: At no time did Mr. Sokol violate the law or any Berkshire policy. At no time did Mr. Sokol intend to personally profit at the expense of Berkshire or its shareholders. At no time did Mr. Sokol mislead or deceive. Such a conclusion would be wholly out of character and the Berkshire Board is keenly aware of that. At all times he faithfully discharged his fiduciary duties to Berkshire, a company he heroically served and continues to regard with reverence.”

Oddly this is an almost identical take to ours from earlier. The next Levine iteration will most certainly have an exhibit A which may or may not include Charlie Munger's BYD trade tickets, and/or who knows what other goodies.

Cannibalization at the very top is always so entertaining for the peasantry...

h/t Janet Tavakoli

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Dr. Porkchop's picture

 A travesty of a mockery of a sham.

Pool Shark's picture


A travesty of two mockeries of a dozen shams...


Ahmeexnal's picture

Jimmy Taggart and Bertram Scudder.

TruthInSunshine's picture

OT Alert, but it's important - if already posted, my apologies (it's a Bloomberg article from April 27).

I wonder when the bulk of the media will notice that the crisis at Fukushima Daiichi is growing at a level consistently worse than even the debt/deficit/credit/default crises of sovereigns around the globe, or when they will report on it, if ever:

Radiation Readings in Fukushima Reactor Rise to Highest Since Crisis Began

Radiation readings at Japan’s Fukushima Dai-Ichi station rose to the highest since an earthquake and tsunami knocked out cooling systems, impeding efforts to contain the worst nuclear crisis since Chernobyl.

Two robots sent into the reactor No. 1 building at the plant yesterday took readings as high as 1,120 millisierverts of radiation per hour, Junichi Matsumoto, a general manager at Tokyo Electric Power Co., said today. That’s more than four times the annual dose permitted to nuclear workers at the stricken plant.

Radiation from the station, where four of six reactors have been damaged by explosions, has forced the evacuation of tens of thousands of people and contaminated farmland and drinking water. A plan to flood the containment vessel of reactor No. 1 with more water to speed up emergency cooling efforts announced yesterday by the utility known as Tepco may not be possible now.

Tepco must figure out the source of high radiation,” said Hironobu Unesaki, a nuclear engineering professor at Kyoto University. “If it’s from contaminated water leaking from inside the reactor, Tepco’s so-called water tomb may be jeopardized because flooding the containment vessel will result in more radiation in the building.”

cossack55's picture

Please, we are too busy enjoying the unwinding of scumbags to be concerned about ELEs.  If we're going out, we want to be sure that scumbag, asshole and shit-for-brains precede us. Justice.

That Peak Oil Guy's picture

A "top Japanese nuclear power expert and proponent" seems to think that three reactors have fully melted down.  That sounds so bad that I'm hoping he's suffering from dementia:


Michael's picture

Thanks for the update.


I look forward the the US default on our national debt.

The rest of the planet will cut us off from trade with them and we will have to make everything we need and want right here between the Atlantic and Pacific oceans .

I'm a machinist and can make every part I need myself for my car or any appliance I need to have repaired. I'll be OK with a US bankruptcy.

Michael's picture

Machinists can't be replaced for at least 100 more years. There are too many variables involved. I expect Machinists will be paid more that doctors after the collapse since there are so few of us.

snowball777's picture

I can wait for a custom gasket one hell of a lot longer than I can wait for a transplant and you'd be surprised what an idiot can accomplish with CNC tools.

Here's another way of thinking about it: is it more likely that a doctor could pick up your skill or the other way around?

RichardP's picture

With no machinist to create the tools, how is the doctor going to operate?

espirit's picture

Have a steam engine to run that mill? Or do you think there's no value in the aluminum/copper lines that run electricity to your place of business.

Unless you can do it all with a file/hacksaw/hammer. lol

Long-John-Silver's picture

All that does is produce a plastic or wax part from which a mold can be produced. After several steps not worth getting into you have produced a pattern from which a sand mold or lost wax process will allow the part to be cast. This cast part will need to be machined.

Pool Shark's picture


Yep, 3D printing (or 'stereolithography' as it was originally called) as well as 'selective laser sintering' is 'tres-cool' technology, but as Long-John points-out; the 'part' produced is a non-useable prototype. You still need to cast/machine the actual part, not to mention proper engineering/machining experience to design the part in the first place.

By way of analogy; does anyone think that with all the new medical technology/tools/equipment, we won't need trained surgeons anymore?... 


Long-John-Silver's picture

I too am a machinist. I recently changed the labor rate in my shop.


Shop labor rate is 2oz Silver per hour.

If paying with US Dollars the conversion

rate is Silver spot + 10% exchange fee.

We accept Gold as well.

Thisson's picture

That seems like a very high labor cost.

Kayman's picture

2oz. of silver is about par for a machine shop rate.  You can double or triple that for specialists.

Plata con Carne's picture

The Harley dealer shop charges $90/hour ..

knukles's picture

Or Jimmy Swaggart and Debra Murphree's udders

SparkyvonBellagio's picture

FUCK THESE OLD A-HOLES! Grab your own piece of the World and don't believe what these PONZI CONFIDENCE MEN TELL YOU.

The A-Holes of Omaha and the Lizards of Lincoln.

Nebraska where the corn is tall and the Tales are Taller.


Bring it on Old Man/Men/PHUCKING FRAUDS!


Oh you do don't you?.... yeah and otherwise you'd be BUSTED BROKE.




Oh regional Indian's picture

Can-eyeball-ism! The smell of a rump-roast in the AM (here in India anyways).

These are early steps in the take down of the system.

Who can you trust anymore, ehhhh? Not even sanguine sages who play you like a you-ke-lele! Off with their heads.


i-dog's picture


He spelled his name 'U K Le Lee' at the bottom of O'bomber's joke [Hawaiian] birth certificate. Get the joke? LOL!

The administration is now treating you with absolute contempt, folks!

knukles's picture

You mean Uncle Warren signed O's birth certificate?!?!?!

Moe Howard's picture

I can't find linda green's sign off on that birth certificate. WTF?

Oh regional Indian's picture

Holy smackarell. it is a joke. A con.

Good i-dog. Good i!

The farce is on, may the force be with us.


mcarthur's picture

Careful.  The last time everyone questioned Buffett was NASDAQ 5000.  You recall all those young pups stating he has lost it for good? 

Long-John-Silver's picture

When you resort to cannibalization do not eat the brain or spine. Doing so could cause the shakes.

Pool Shark's picture


A group of cannibals is busy boiling several missionaries alive when they are approached by the chief of their tribe.

The chief demands: "Why are you boiling these missionaries? They're friars."


knukles's picture

What do you get if you insert human DNA into a goat?

Banned from the petting zoo.

Seasmoke's picture

Jump you fuckers

Twindrives's picture

Buffet and Munger, two dinosaur turds who don't pay taxes and send huge political donations to Soetoro.   Just croak already you corrupt old bastards.      

Bananamerican's picture

are you engaging in "scapegoatism"??

Atch Logan's picture

So now the guys that destroyed the Nation are going after each other. Both sides have hidden  piles of gold, and they don't give a shit about anything but their own asses, anyway.

For them, let the good times role, while the rest of us watch on bread and beans.

CPL's picture

Couldn't tell you enough I told you so.


/b/rothers doesn't matter if most of you are with power by weds.  While nut sacks were concertrating on the PSN crap, the real pirates were finding the holes in other things.


This shit is done.  Star/Stuxnet was a fun play time.   The holes offered were to be a given of what they idiots couldn't patch.  Weds is a good day for humanity on a count down.   The Yanks and the Hens built it.  They have the counterreaction...but they don't.  Like the nuke.  Unlike the nuke, It's sitting in PSN, XBOX and WII..and their dumb fuck wifi devices like Blackberry....It's in your exchange server...right now.


kiss kiss...bang bang


Dapper Dan's picture

I am intrigued,  please continue.

Bananamerican's picture


chickens nukes and stuxnet holes?

.Does this have anything to do with the old guy i once overheard muttering, "...abe lincoln on a ham sandwich..."??

cossack55's picture

Please don't disappoint. I look forward to the future.

Timmay's picture

Fire up the Predator Drones.......

Sub Dude's picture

LMFAO - Billionaires crapping on the mere Millionaires.

But the lawyer says that Sokol "heroically served"? I think that is a hyperbolic melt-up of Chernobyl-esque dimensions. Maybe you could say that about Pat Tillman, and many of the other soldiers wounded in battle - but a millionaire-low-life-insider-stock-trading-awhole whose hardest decision was probably whether to take his family on vacation in the Dassault 7x or the Gulfstream G550? Let's just say that I will allow the phrase "heroically served" to be applied to Sokol after he has successfully committed seppuku. These folks are no different from the French royalty of 1789. For a little background:

"Louis XVI ascended to the throne amidst a financial crisis; the state was nearing bankruptcy and outlays outpaced income."

Sound familiar so far?

" The absolute monarchy that had ruled France for centuries collapsed in three years."

How many years have we been in the "Great Recession"?

The Corpocracy ( has become a monarchy that needs to be - in their own euphemistic lingo - "downsized" - with or without the guillotine.

cossack55's picture

I'll have that with the guillotine, please.