“Knowing today what I know, 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.”
“Knowing today what I know, 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. You can’t — or at least I don’t think you can executives to not invest their own family’s capital in a company that Berkshire had no interest, or even knowledge of, and somehow police that. The only thing you can do is just say if you invest your own money, don’t ever mention it to anyone at Berkshire. That doesn’t make sense to me either, but that’s certainly what it sounds like.”
Its a shame Uncle Warren never had the foresight to institute a best bid policy with the proceeds going to charity.
Its a shame Uncle Warren never had the foresight to institute a best bid policy with the proceeds going to charity.
What does he know today that changed from a few months ago? That’s a weak mea culpa.
What does he know today that changed from a few months ago? That’s a weak mea culpa.
I’m not saying who but an investor with brass balls used to circumvent trading rules at GS with brazen regularity. Eventually the firm clamped down so tightly that he actually had to resign and start a hedge fund.
Fukushima, VCU>Kansas, and Adonis DNA.
it’s astonishing how big an idiot you are.
uh, Tepper left because they didn’t make him partner.
he’s so full of shit it’s amazing.
Were you there?
how the FUCK is he being allowed to make the argument that “gee I was just mentioning it to Warren I had no idea he’d actually be interested in the company”?
Yes. Next question?
Yeah, Im sure he put his rep and one of the best jobs in the world on the line for this traade. Gimme a break. If this Raj thing wasnt happening this wouldnt even have come up.
And by Raj thing, I mean slimy greedy s-bag Raji Raj and Danny C yo!
Warren’s hypocrisy is hilarious – according to WSJ: The policy on the website also states: “When in doubt, remember Warren Buffett’s rule of thumb: ‘…I want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper—to be read by their spouses, children and friends—with the reporting done by an informed and critical reporter.’”
Despite this, Warren issues a statement as clams up re providing further details. I guess Warren’s idea of an informed and critical reporter is Becky on her knees making slurping sounds.
Not to infringe on a good friend of mine’s territory, but “I’m doing God’s Work”…the policies here are just trying to make the world a better place, that and make sure my peons understand that I am their superior in every way.
-Stevie
Next question: You don’t remember the firm trading guidelines that we called “Tepper Rules”? Like you can’t trade the stock of any company in which you trade the debt? And then, later, you can’t trade stock if you’re trading bonds (which they later retracted)?
I see nothing wrong here. He put together the mosaic.
-Raj “Big Daddy” Rajaratnam
you’re a moron.
Knowing today what I know? What’s that? That the SEC was now going to have to start reporting insiders activities of everyone, not just the plebs?
welcome to dealbreaker, david!
perhaps mr. sokol needs to lawyer up with counsel from a new york securities firm and not the clowns in omaha who allowed him to go on air and talk about his insider trading…just another example of poor judgment – oh, and white people problems (now trending on twitter)
Dave,
Now that you have some free time to explore other career avenues, please consider giving me a call about guest/co-host opportunities on my show.
-J. Cramer
I remember that. Good times.
What Sokol did isn’t illegal; it’s frowned upon…like masturbating on an airplane.
What Sokol did isn’t illegal; it’s frowned upon…like masturbating on an airplane.
He doesnt make money, he prints it.
Hes meeting me at Minettas to discuss why UBS Sucks, Ping Jiang, etc. We will of course order the burger and the golden scrot
As you were…
He doesnt make money, he prints it.
Hes meeting me at Minettas to discuss why UBS Sucks, Ping Jiang, etc. We will of course order the burger and the golden scrot
As you were…
I think he should get a pass on this one.
Is there perchance a pet store near you?
David sokol, frontrunner…
As long as he doesn’t wear red, he’s hired
- Raj^2
In this classic match-up between Guest vs. Guest, I predict Guest will win.
As guilty as a guy with a pair of pliers in a North Face fleece looking for that 4th garbage truck in Manhattan.
Please see my joke on this matter in the comments section under Bess’ post yesterday on said matter.
- guy whose joke you stole but who is in no way bitter bc BL liked yours and not his
This falls under the “not illegal enough to fire you, too boneheaded to keep you” category.
Sokol spelled backwards is Lokos.
just saying
Sokol spelled backwards is Lokos.
just saying
Sokol spelled backwards is Lokos.
just saying
I have no concerns, unless he funneled info to Sawyer, Sayeed and Hurley. Then that is a whole nother monster
I’m pretty sure that’s illegal too….
ya maybe after 9/11 when everyone got so sensitive, thanks a lot Bin Laden
I don’t get it. His defense is, “next time, I’ll make sure that I do this great trade in my personal account and not my fund’s”?
Combining DB memes is the NKI. Other than that, I have no concerns.
his defense is also that he couldn’t have imagined in a million years that WB would go for the deal one of his main guys was pitching him on.
his defense is also that he couldn’t have imagined in a million years that WB would go for the deal one of his main guys was pitching him on.
his defense is also that he couldn’t have imagined in a million years that WB would go for the deal one of his main guys was pitching him on.
his defense is also that he couldn’t have imagined in a million years that WB would go for the deal one of his main guys was pitching him on.
It’s also an anagram for Kools.
It’s also an anagram for Kools.
It’s also an anagram for Kools.
It’s also an anagram for Kools.
It’s also an anagram for Kools.
I’m sorry I’m not sorry.
I’m sorry I’m not sorry.
I’m sorry I’m not sorry.
I’m sorry I’m not sorry.
I’m sorry I’m not sorry.
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Front running me is like saving sex for old age or swimming naked when the tide goes out. In the end, I fuck you.
- Warren Buffett
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Is giving a shout out to your granddaughter like you just just won the Superbowl when being interviewed on CNBC for a questionable stock deal / resignation the NKI?
Milton Berle made it possible to steal jokes and still be respected.
MidAmerica is an energy company. So, why are we surprised?
I quit them some time ago. Shelly Sasquatch gave me an ultimatum.
I quit them some time ago. Shelly Sasquatch gave me an ultimatum.
I quit them some time ago. Shelly Sasquatch gave me an ultimatum.
I quit them some time ago. Shelly Sasquatch gave me an ultimatum.
I quit them some time ago. Shelly Sasquatch gave me an ultimatum.
Hey! He pioneered it, but I perfected it.
-Dane Cook
YES.
kill yourself
agree with you) don’t you think that the title is awesome)) [...] i did nothing wrong but… [...] there is always but) you know people always hidd something and there is always some ‘but’ in the end..
Its the hoity toity version of a pump and dump.
what I wouldn’t do to have BL like one of my comments
-guy who’d do anything to have BL like one of his comments
Bloody LOCO, foo’!. Respect that name. Aye-Sap!!
- David Sokol, to WB.
What a mess!! Talking about health issues of another executive and his son. Then talking about what investors need to do to get comfortable with Lubrizol. Dude needs a lawyer (or anyone with a brain) to tell him to shut up!!. his guy has shown himself to be utterly unqualified for filling WB’s shoes.
What a mess!! Talking about health issues of another executive and his son. Then talking about what investors need to do to get comfortable with Lubrizol. Dude needs a lawyer (or anyone with a brain) to tell him to shut up!!. his guy has shown himself to be utterly unqualified for filling WB’s shoes.
What a mess!! Talking about health issues of another executive and his son. Then talking about what investors need to do to get comfortable with Lubrizol. Dude needs a lawyer (or anyone with a brain) to tell him to shut up!!. his guy has shown himself to be utterly unqualified for filling WB’s shoes.
Milton Berle called . . . he wants his bladder back
Milton Berle called . . . he wants his bladder back
Milton Berle called . . . he wants his bladder back
He only made a meager 350k out of this little front-run. Other than that, no concerns.
DISCLAIMER: I have held back nothing in this statement. Therefore, if questioned about this matter in the future, I will simply refer the questioner back to this release.
So tell me this then, based on Sokol’s reasoning, I would assume its perfectly acceptable for the C banker/s who provided the intro of the LZ CEO to Sokol to also buy the cr@p out of LZ stock for their own PA’s, no? Its all just a fringe benefit of being an employee of C and BKS, right?
So tell me this then, based on Sokol’s reasoning, I would assume its perfectly acceptable for the C banker/s who provided the intro of the LZ CEO to Sokol to also buy the cr@p out of LZ stock for their own PA’s, no? Its all just a fringe benefit of being an employee of C and BKS, right?
You’re missing a zero there, bro.
Mont Blanc,
Sokol is an asshat, great operator of WB’s portfolio companies notwithstanding, he royally screwed the pooch. And, yes WB is incorrect by the letter of insider trading laws as written, Sokol most certainly DID break the law.
The very moment the Citi banksters showed him the list of companies as POSSIBLE TARGETS for BERKSHIRE HATHAWAY, yes he became……………drum roll…………an insider. Period. There is no way around it, lucky for WB and Sokol the SEC is even more daft than this yokel from Omaha. They will be busy making video requests of CNBC for said interview for months before they get around to even making an evaluation of whether any securities laws were broken. Sokol is an insider at BH period. The information he obtained was “material” and “non public”. Why was it material? The companies are being proffered for an ACQUISITION not an investment, a fucking ACQUISITION!
This is bullshit. Sokol broke the law and guess what? WB broke the law too, why? The moment he committed BH to purchase LZ, he allowed Berkshire to become a conspirator after the fact.
MB
That would make more sense if you weren’t hitting your keyboard with a hammer. Just sayin’.
My sources tell me it is.
You’ll have to be more specific.
You’ll have to be more specific.
I think you mean bin liner.
Sorry, meant BRK. Fringe benefit of BKS employee is getting a handed a pink slip after theyre fully liquidated.
Sorry, meant BRK. Fringe benefit of BKS employee is getting a handed a pink slip after theyre fully liquidated.
liked
I believe the Citi Broker was Sokol’s personal Broker and the list of companies were areas where the Citi Broker thought Sokol should invest personally. Being that Sokol does not determine where BRK invests (though he does have WB’s ear), he brought it up to WB after the fact.
It looks shady, and it may be, but there’s too many assumptions for a good case. If the SEC did anything it would be a dog and pony show.
Don’t ask don’t tell compliance policy. I think it worked for Madoff too. So far no arrest for Peter and Shayna.
Mont Blanc,
Much like Wall St., what parades on these threads as “informed opinion” is fucking frightening. See the below, courtesy the WSJ:
Fall 2010: Sokol, as part of a general meeting with bankers at Citigroup, receives information about possible deals for 18 companies. The list included Lubrizol, according to the SEC filing released Friday by Lubrizol.
Dec. 13: Sokol and Citigroup met again to discuss the list of companies. “During the course of the meeting, Mr. Sokol said that the only company on Citi’s list that he found interesting was Lubrizol,” according to the SEC filing. Sokol asked Citigroup to relay to Lubrizol CEO James Hambrick about Sokol’s interest in meeting to discuss Berkshire and Lubrizol.
December 14: Sokol first bought 2,300 shares of Lubrizol, Buffett said in his letter. Lubrizol shares closed at $108.03 that day, up 3.2% on the day
See that last sentence for the date Dec. 13th? Yes Virgina, THAT is an insider. And no, genius he brought it to WB;s attention after he bought shares, and yes at this point he is already an insider; whether or not Sokol determines where BRK invests has no bearing here. That argument is a simple red herring. Sokol has a “control position” at BH and that alone makes him an insider at BH;and in this instance he has material and non -public info. This is a text book example of insider trading.
Btw, whether or not WB and Sokol “believe” they broke the law has jackshit to do with IF they broke the law. See the thousands of imprisoned NY state citizens in prison right now who were carrying a legal limit or marijuana in non public view only to be stopped and searched and forced to reveal in public view their marijuana and thereby carted off to jail. I know this doesn’t happen in Murray Hill or NoHo but take a day trip to the Bronx why don’t you, and be a Guest there for a day.
MB
Mont Blanc,
Much like Wall St., what parades on these threads as “informed opinion” is fucking frightening. See the below, courtesy the WSJ:
Fall 2010: Sokol, as part of a general meeting with bankers at Citigroup, receives information about possible deals for 18 companies. The list included Lubrizol, according to the SEC filing released Friday by Lubrizol.
Dec. 13: Sokol and Citigroup met again to discuss the list of companies. “During the course of the meeting, Mr. Sokol said that the only company on Citi’s list that he found interesting was Lubrizol,” according to the SEC filing. Sokol asked Citigroup to relay to Lubrizol CEO James Hambrick about Sokol’s interest in meeting to discuss Berkshire and Lubrizol.
December 14: Sokol first bought 2,300 shares of Lubrizol, Buffett said in his letter. Lubrizol shares closed at $108.03 that day, up 3.2% on the day
See that last sentence for the date Dec. 13th? Yes Virgina, THAT is an insider. And no, genius he brought it to WB;s attention after he bought shares, and yes at this point he is already an insider; whether or not Sokol determines where BRK invests has no bearing here. That argument is a simple red herring. Sokol has a “control position” at BH and that alone makes him an insider at BH;and in this instance he has material and non -public info. This is a text book example of insider trading.
Btw, whether or not WB and Sokol “believe” they broke the law has jackshit to do with IF they broke the law. See the thousands of imprisoned NY state citizens in prison right now who were carrying a legal limit or marijuana in non public view only to be stopped and searched and forced to reveal in public view their marijuana and thereby carted off to jail. I know this doesn’t happen in Murray Hill or NoHo but take a day trip to the Bronx why don’t you, and be a Guest there for a day.
MB
TS/A/NFDR
(Too serious/angry/not funny didn’t read)