A "Whitewashed Buffett" - More Corporate Governance Loose Ends Exposed At Berkshire

Tyler Durden's picture

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Vergeltung's picture

god, ain't that the truth.

TruthInSunshine's picture

OT (yes, Buffett is a blob of cow dung):

Top Japan Nuclear Technology Institute Senior Advisor: ‘Fuel Rods Completely Melted, May Already Escaped Pressure Vessel’, ‘Water [Inside Pressure Vessel] Is Highly Contaminated With Uranium, Plutonium, Cesium, Cobalt, In The Concentration We’ve Never Seen Before’

 

“I believe the fuel rods are completely melted. They may already have escaped the pressure vessel. Yes, they say 55% or 30%, but I believe they are all melted down. When the fuel rods melt, they melt from the middle part on down.

(Showing the diagram) “I think the temperature inside the melted core is 2000 degrees to 2000 and several hundred degrees Celsius. A crust has formed on the surface where the water hits. Decay heat is 2000 to 3000 kilowatts, and through the cracks on the crust the radioactive materials (mostly noble gas and iodine) are escaping into the air.

“Volatile gas has almost all escaped from the reactor by now.

“The water [inside the pressure vessel] is highly contaminated with uranium, plutonium, cesium, cobalt, in the concentration we’ve never seen before.

At the decay heat of 2000 kilowatt… There’s a substance called cobalt 60. Highly radioactive, needs 1 to 1.5 meter thick shields. It kills people at 1000 curies. He calculated that there are 10 million curies of cobalt-60 in the reactor core. If 10% of cobalt-60 in the core dissolve into water, it’s 1 million curies.”

 

10 million curies equals 370,000 terabecquerels, and 1 million curies equals 37,000 terabecquerels.

 

“They (TEPCO) want to circulate this highly contaminated water to cool the reactor core. Even if they are able to set up the circulation system, it will be a very difficult task to shield the radiation. It will be a very difficult work to build the system, but it has to be done.

 

“It is imperative to know the current condition of the reactor cores. It is my assumption [that the cores have melted], but wait one day, and we have water more contaminated with radioactive materials. This is a war, and we need to build a “bridgehead” at the reactor itself instead of fooling around with the turbine buildings or transporting contaminated water.”

Cone of Uncertainty's picture

She's nothing more than a knob-gobbling, Buffett ballwasher.

Thomas's picture

That was a graphic metaphor.

Mongo's picture

The rats... are sinking with the ship

TheFourthStooge-ing's picture

In a submerging economy, corruption and lies are standard operating procedure. The foetid stench of decay gets stronger as you get closer to the top of the heap.

 

Sudden Debt's picture

his activities as a director and lawyer for the same company separate; essentially Olson is his own client. “I’m not going to go into detail about all of this,” he said.

HA!

THAT'S LIKE A COMMANDER IN CHIEF WHO IS A NOBEL PRICE OF PEACE WINNER AT THE SAME TIME!

Only in lala land is that even possible!

and the US of course...

 

like Osama would say: BULLSEYE BITCHEZ!

Rick64's picture

Maybe Munger can investigate himself and invoke attorney/client privilege.

Mercury's picture

The real issue here is how vague and toothless "insider trading" rules are (and how lame and arbitrary the SEC is).  Sokol obviously (IMHO) acted unethically and may have violated some BRK compliance policy but he probably didn't do anything illegal (although, strangely, he would have if LZ were involved in a tender offer instead of an acquisition).

Miss Expectations's picture

My real name is Martha Stewart and I have some questions.  I'll give The Donald a call to see if I can borrow his PR guy for a day or two.

Cursive's picture

I'm waiting for Buffett's Death from Market Failure.

Alcoholic Native American's picture

I thought the paw paw of capitalism gave all his money away.  Probably got a phone call from Ben saying "We can't have that much money in one place, it's growth would rapidly accumulate even faster and we still have the plebes thinking that we have a legitimate rat race going on here".

As the old saying goes, the rich get richer in their sleep.

 

 

I am a Man I am Forty's picture

 i can't stand the senile duo of munger and buffett, but this isn't going to amount to anything but a shareholder lawsuit and a black eye for the firm, the smart folks saw through BRK prior to this, the rest are desperately waiting for next years meeting

Cleanclog's picture

As goes Berkshire, with Captain Buffet at the helm, so goes trust in corporate America.  So now, the common person no longer trusts government, corporations, hospitals, schools, police, transportation, or farmers.  Grand isn't it?  Hopefully everyone still knows, and mostly trusts, their next door neighbors.

riley martini's picture

  It took a lot of guts for that lawyer to file against a fascist insider like Buffet , He should file the Munger case too , the SEC isn't going to do anything not with the POTUS exempting select criminals from prosecution.

bugs_'s picture

dirty from the top down

Confused's picture

Conflict of interest? Whats that? 

 

</sarc>

 

Jeremy Roenick's picture

Seems to me this is very bullish for Berkshire.  Better gobble up the stock.

BTFD!

 

NotApplicable's picture

What I find funny is that not only will Warren no longer want to refer back to his letter, he likely can't without further incriminating himself. Not that he will ever be indicted for anything, but still, the public embarrassment makes for good entertainment.

Oh, and color me shocked that the audit wasn't really independent, but yet more damage control.

Extremist Tan's picture

Buffett to step down in 12 mos. BRK to break up. Becky will move in to "help with the gardening."

AgShaman's picture

Maybe he'll join the king of "Sell-outs"....Capt. Syntax Destruction (Sir Alan) and slip on off to a private European villa....it's time for him to set down the golf clubs A-La "Carl Speckler" in a lightning storm...and slither off into the shadows like the wanker he really has always been. Who cares anyways....Bill and Melinda has already gots his population reduction monies' promises/charitable donations. 

williambanzai7's picture

Pretty lame Mr Olson, much better would be expected even from a hoy shot barracuda Wall Street firm, which Munger Tolles certainly is not.

sbenard's picture

What was it that Buffett once said that we learn when the tide goes out? Something about WHO has been swimming naked? Sorry, but I don't want to see Buffett naked.

I guess we don't have a choice!