Will the Berkshire Hathaway Trading Scandal Taint Buffett?

Thu, 03/31/2011 - 13:22 EDT - The Curious Capitalist

Warren Buffett testifying in hot water again after Sokol resignation (Shannon Stapleton/Reuters) Warren Buffett could be the lastest Wall Street titan to have his reputation trashed. On Wednesday, Buffett's Berkshire Hathaway disclosed that David Sokol, one of the insurance company's top executives, and until yesterday possible Buffett successor, purchased $10 million in shares for his [...]

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David Sokol, the former heir-apparent to investment star Warren Buffett, broke company insider trading rules when he bought shares ahead of a Berkshire Hathaway acquisition, the company said Wednesday.Sokol, who resigned as one of Berkshire's top executives in March after a scandal broke over his private investments, "violated company policies" and "violated the duty of candor" he owed the company, an audit committee report said.It said the company might still sue over any damages it perceives from the case, including going after Sokol's trading profits.

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Will the Berkshire Hathaway Trading Scandal Taint Buffett?

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