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Ex-Buffett Lieutenant: I Did Nothing Wrong

But in hindsight, David Sokol says, he shouldn't have mentioned company

By Kevin Spak, Newser Staff

Posted Mar 31, 2011 1:27 PM CDT

(Newser) – David Sokol gave a lengthy, defiant interview on CNBC this morning, in which he breezily insisted that he’d done absolutely nothing wrong or unethical by buying 96,000 shares of Lubrizol, and then recommending boss Warren Buffett buy the company. Some had urged Sokol to get a securities lawyer before going on TV, Daily Intel reports, but Sokol went ahead with the interview without one—and might well regret it. Jim Cramer likened it to “a Charlie Sheen implosion interview.”

Sokol insisted he “didn’t have any inside information,” and that he didn’t think there was anything wrong with investing all that family capital in a company Berkshire Hathaway had no knowledge of. But asked if he would do the deal again in hindsight, he replied “What I would do differently is I just would never have mentioned it to Warren, and just made my own investment and left it alone. I think that’s a disservice to Berkshire, but if that’s what people want to do in the future, that’s fine.”

David Sokol speaks to shareholders at the annual Berkshire Hathaway shareholders meeting in Omaha in this May 1, 2010 file photo. (AP Photo/Nati Harnik)

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COMMENTS

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Showing 3 of 4 comments

serious

Apr 1, 2011 1:39 AM CDT

I question why Buffett kept Sokol around. Even from the beginning of his career, he was an efficient hatchet man, but Sokol was never leadership material. His colors have shown through bright and clear.

billcrawford

Mar 31, 2011 7:11 PM CDT

"Ex-Buffett Lieutenant David Sokol: I Did Nothing Wrong" You have been outed. Does insider trading ring a bell, like in wall street, it is what you did according to news accounts, so live with your crooked self.

brawne

Mar 31, 2011 6:24 PM CDT

Probably the most important story on the grid today and you won't know it. Should ask yourself why? No one even came here because you can't handle the truth. Except for Mia and you be sweet.

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Ex-Buffett Lieutenant: I Did Nothing Wrong

But in hindsight, David Sokol says, he shouldn't have mentioned company

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