- advertisements -
I thought this was funny:
I have held back nothing in this statement. Therefore, if questioned about this matter in the future, I will simply refer the questioner back to this release.
Maybe Becky Quick will read that on CNBC? I bet her buddy Warren would LOL.
Becky Quick announced succesor to Warren Buffet.
Maybe, but doesn't FBN,CNN and Bloomberg also have a reporter attached to the Buffet press corps? I think it is Liz Clayman or Peter Barnes on fox business and I don't know who from bloomberg or CNN.
They should do a thunderdome to decide.
Sokol was chairman of Berkshire’s MidAmerican Energy Holdings and its roofing unit Johns Manville. He was also CEO of NetJets Inc., Berkshire’s luxury-flight subsidiary.
Sokol bought 96,060 Lubrizol shares on Jan. 5, 6 and 7, Buffett said. Berkshire agreed to buy the firm for $9 billion on March 14. The stock purchases may have given Sokol a profit of about $3 million, according to Buffett’s disclosure and data compiled by Bloomberg.
Sokol’s compensation from MidAmerican totaled $59.5 million in the last five years, according to the unit’s SEC filings.
Illegal to have purchased Lubrizol...? under the present rules, no... unethical... yes.
Alot better had Sokol been an unaffiliated advisor to Berkshire.
The way this was done... makes the whole system smell...
“There likely will be an investigation,” said Jacob Frenkel, an attorney at Shulman Rogers Gandal Pordy & Ecker in Potomac, Maryland, and a former SEC lawyer specializing in fraud and stock manipulation cases. “If all we have here are purchases before making a recommendation, and the decision to pursue an acquisition doesn’t commence until after the transactions are completed, that wouldn’t satisfy the definition of insider trading.”
CNBC continues to run the in-flight clip of Quickie on Buffett's private Gulfstream; legs demurely crossed...for modesty, of course. After all, the bloke just struck eighty..."in olden days a glimpse of stocking, was looked upon as something shocking" and all that. But, these are certainly not olden days anymore, are they ?
A somewhat poor choice of video, considering the penchant certain CNBC "ladies" have for private corporate aircraft -- Ms. Maria "Mile High Club" Bartiromo's ride(s) on a Citi corporate jet ( did Jonathan [ son of Saul ] Steinberg ever issue a press release/murmur to the Times regarding these ill-advised junkets ? ) immediately comes to mind.
I was not surprised to find Sokol on CNBC this morning for an extensive interview without interruption, at least for the initial spin session. CNBC continues to be the official media lapdog for Uncle Warren and Berkshire.
Nor was I. This network, above all others, embraces a curious advocacy for all things Berkshire. It is little wonder that they offered the opening slot, as a dutiful apologist would, to Berkshire's erstwhile front-runner Sokol.
The Rebecca Quick element is also curious in and of itself. The woman is so obviously fawning, and makes little effort to conceal it. One has to wonder if the entire CNBC/Buffett relationship/access is, essentially, based solely upon the personal rapport Quick and WEB have for one another; in that, for example, if Quick were to jump ship one day to Fox, would Buffett follow, with his "exclusive access ?" I say, yes.
offered the opening slut? .... er, slot... yes. The ladies of CNBC and the directors who frame the camera angles, have always pandered to prurient interests.
That was one of the best comments on Dealbreaker
Couldn't agree more.
riot...pisani has been suckin up all morning, more than the usual cheerleaders. get this pic http://nimg.sulekha.com/others/original700/barack-obama-warren-buffett-2011-2-15-16-21-7.jpg
i cant get it what it is wrong with that ?
pppppplllllllleeeeeeeese guide me
Sokol had a lot of balls to appear on CNBC with Becky (I love you Warren) Quick. He got out in front of the bad news. It will fizzle before the weekend. He may have shady ethics, but I don't think he broke the law. And he is $3 million richer as a result. Not a bad deal.
Right now CNBC has Cramer on talking about the "ethics" of the deal.
I must be in some dreamland...
Indeed -- what's that in Ethical Jim's hand ? Why, it's a subpoena...and a "BULL" -ish one, by the look of it.
"Not a bad deal."
In short, LMAO. I wonder if a regulator can connect the dots.
How much is the guy worth? Isn't the profit from this transaction chump change in comparison? So is this sort of thing just par for the course, or did this guy really just do it all for a sum he probably considers chump change?
The guy just likes Lubrizol. Cut him some slack.
Judging by his statements he must think people are extremely naive.
No one stands up...ever....including Uncle Festa
why was he guest host on CNBC today?
Making a little chump change here (hopefully under the radar) and a little chump change there (hopefully under the radar) soon adds up to real money (all under the radar).
+1. Especially if you do it the way he admitted he did it, for tax purposes. So I humbly offer corrections to Tyler's original work.
1. Buy stock, pitch to Warren
2a. Warren doesn't bite right away. sell, use it as a tax loss or minor gain.
2b. Warren bites, hold, till it is going to make too much in taxes.
3. Complain to a politician that this company is more important than any other company in the world, and that you would have continued to provide exempilary leadership, just like you Mr. Congressman, if it did not put us in the opressive tax bracket Warren's secretary has.
4. IF N+1 < 100,000,000 GOTO 1.
5. Donate enourmous wealth acumulated to legacy charity of choice. Because those lazy people who pay taxes aparrently don't have the money to do.
Years ago there was a very serious, major landmark SEC case which established the "appearance of a conflict of interest" as factually relevant, material and illegal as bona fide conflicts. Wonder in this day and age how that precedent will be applied?How do you say Wells Notice?
And this guy was to be a successor to King Warren? That is it. I am selling all my BRK shares today. But, wait a minute, Dougie Kass says I should buy BRK today. I am confused. Maybe Becky can help me understand. Did Sokol commit something called ... "insider trading"?
smart ass. no ethics whatsoever, and even worse, still believes nothing wrong! should work for gs or the grand satan.
he has the look, and the (lack of) ethics. however, those who double cross the squid go to prison. it is the only law on wall street that is enforced.
The news clip I saw last night said that he resigned and will be working as a PHILANTHROPIST!!! I laughed so hard my family came into the living to see what they were missing. So let's get this right: LIE, CHEAT, and STEAL... then philanthropy when exposed.
I got your philantropy right here you fu&king jerk-off. 3 minutes alone w/ one of these pricks in a sound-proof room is all I ask.
There is something more to this than meets the eye. This guy Sokol had wanted to resign earlier but got talked out of it by Uncle Warren. Maybe he intentionally goofed around with this quasi-insider trading to get out. Stranger things have happened.
Warren Buffett continues to thrive on his notoriety and "good name". I wouldn't be suprised that we find a few "skeletons" in his closet when the dust settles. Frankly, I'm tired of all this press and adulation for the man....much of it he encourages. It would be nice to have more "humble" successful people in this country.
the circumstances don't exist today that would allow Buffet to repeat his past.
Now we find out just how good an investment manager he is when he doesn't have a CB capable of lowering interest rates and a populace unable to load up on debt.
'Show me not what it's worth but what it earns' is a great mantra when you have a central bank inflating the money supply but in an environment of collapsing credit you can show me what it's worth, because whatever it earns will shrink and disappear right before your very eyes...
Buffet is walking dead...
sorry, i don't buy it. he made $3 million. chump change for a guy like him. did he mention this to friends and family? what about offshore accounts? let's see those cell phone records.
CNBC said that he 'only' made $3M on the scam and that is smallish when compared to his overall comp...so, it must be a misunderstanding. He would never do it for 'only' $3M.
3 million? Martha went to prison for a lot less...cripes people get years in orsion for stealing 3000 bux from a bank
Well, what's your bet that I would go to jail for stealing a $3 magazine?
For those of you who can watch the video, please go to the question Becky Quick asks of Mr Sokol; "Are there any more companies that were on the list?" Check out Mr Sokols eyes , flttering, shifting and "fright or flight" thinking He replies maybe one "small" bank." Folks, this isn't over. Wait to compare Mr Sokol's purchases with companies that were considerd by B.H.. Buffet will be tarnished and this might be a good time to short B.H. or at least exit.
He tried to resign in the past - similar reason? Uncle talked him out of it perhaps suggesting that everyone at BRK does it. Sokol once again tendered his resignation and Uncle now concerned that he still had a 'flicker' of consicence decided it was best to end the relationship.
As in any organization corruption starts at the very top.
Sokol and Mozillo should get together now that both are unemployed. There are millions of mortgages out there that need the assistance of seasoned pros like David and Angelo. With a little federal start-up cash and their moral leadership, I'll bet they could turn that real estate frown upside down.
Get em all in one room and we can save money on hand-grenades.
Too quick. Indians in the southwest would take people like them and stake them over an anthill.
That would be great! Angelo Godzilla and Mr. Suck-all, mano-a-mano!
That ol' Warren sees nothing wrong with it speaks volumes.
The real problem? The SEC likely believes "Lubrizol" is some sort of porn product and will, in turn, back-off of any investigation as not to self implicate themselves.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.