Buffett Criticizes Former Executive's Actions

Saturday, 30 Apr 2011 04:44 PM

 

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OMAHA, Nebraska (AP) — Warren Buffett believes David Sokol clearly violated Berkshire Hathaway's ethical standards when he bought stock in Lubrizol before recommending that Berkshire buy the chemical company.

Buffett told Berkshire Hathaway shareholders Saturday that he doesn't think he will ever understand why the former Berkshire executive did what he did.

Buffett acknowledges that he made a mistake by not asking Sokol more about his Lubrizol stock when they first discussed the company in January. But Buffett says he didn't have reason to think Sokol had just bought the stock the week before.

Sokol, who resigned earlier in April, denies any wrongdoing.

Buffett says the reason he wasn't harder on Sokol when he announced the former MidAmerican Energy chairman's resignation in March was because he didn't have all the information at that point.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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