UPDATE: Berkshire Finds David Sokol’s Conduct Violated Company Policies

I agree with this position. It was certainly unethical, as to it being illegal, that remains to seen. I was disappoited by the statement that the resignation had nothing to do with the trading. I can't believe that Buffett expects us to believe that.

Basically called front running when you trade your own account ahead of the companies? I'm sure that was the real reason he left suddenly?

Did he really become the richest man in the world by being a straight arrow?

I wonder if this is similar to the Tiger Woods saga where the public perception is way different than reality.

Admit it? And then be sued by every stockholder of Berkshire, Lubrizol, all the mutual funds that owned these stocks? Is the author naive or just stupid?

I don't buy Buffet's cute fuzzy image any longer. I feel as a share holder of his stock that I have been screwed. I think this has not been the first time Buffet and his buddies have been involved in insider trading. Sorry about that, it wasn't insider trading, that would be illegal. Let's call it "front running", that sounds so much better.

These news people make a living by making mountains out of molehills. Buffet had no idea Sokol was engaged in practices that were unethical. As soon as he found out, Sokol was out the door. To me, this indicates that Berkshire Hathaway is on-the-ball. The guy who is "demanding an apology" has written a book about Buffet and is trying to promote his book by stirring up controversy. This is similar to Donald Trump becoming a birther. Some people will doing anything to get a little attention.

Buffet simply let his guard down and his real colors showed through with both Goldman and Sokol. Hopefully Michael Milliken's old digs are still available for Sokol to occupy.

The SEC couldn't find it's @#$% with both hands

i wish buffet would have sad this was wrong, he realy is a standard we all looked up to, its the only black mark on warren, to bad, he should come out against this so his legacy can remain untarnished and we can all remember him for being the gold standard, also sokal should be charged for insider trading, even if it might not stick, charge him, teach him a lesson.

I've had healthy respect for Warren Buffett ever since reading Roger Lowenstein's biography, "The Making of an American Capitalist". I also like the fact that he seems to tell it like it is with things like taxation, revenue, and the loss of the middle-class. That said, there have been times when I felt that he engaged in a bit of the old pump and dump on stocks, etc.
If Warren Buffett doesn't come out and issue a big mea-culpa on how badly he handled the Sokol situation, Lowenstein might end up digging a little deeper and rewriting the biography with a new title. "The Faking of an American Capitalist." My feeling is that Buffett will issue a more convincing apology about the issue and how he handled it. He really has to.

Great. What's Buffett going to do ? Fire him again ??

Buffett's going the way of E.F. Hudson. People used to listen to THOSE guys, too....

Lots of irregularities here. Although Buffett has typically bought entire companies--often for cash--Sokol reportedly maintains a few percent of MidAmerican Energy. In other words, Buffett is now working for Sokol.

Really? Insider trading and conflicts of interest are actually violations of corporate policies? Who knew.

I don't feel like he's handling this situation properly but he's in the business of making money......how often do ethics and making money collide.

cool

What good is a policy if everyone embaces it? Warren Buffet and his fly boys endorse Obama. Policy, policy, and crap! ...smiles...! NEXT!

Within a day of finding out the truth, Buffet had Sokol's resignation. He had a written policy in-place ,and it was violated. When the Full truth was known, the employee was gone. Yes Buffet said something stupid when he was still getting the full picture clear. So what? Within hours of saying something stupid (after all this was his TOP guy) he understood the full picture and dealt with it. I wish all companies where as ethical and open about these types of problems. Warren should be praised, not condemned. And Warren's tough policy about this type of activity. should be LAW to all public/private companies. Then instead of just being fired, the violator would be in jail.