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Things aren’t looking too good for David Sokol, Warren Buffett’s former heir apparent at Berkshire Hathaway .
Yesterday, Berkshire slammed Sokol when it said he violated the company’s standards of conduct and its insider trading policies when he bought Lubrizol shares and then pushed Warren Buffett to buy the company. Sokol, who was chairman of several Berkshire units, resigned after his Lubrizol trades were made known.
This has been an embarrassing situation for Buffett and Berkshire. The Oracle of Omaha has always been big on ethics. He is sure to face some tough questions this Saturday when Berkshire hosts its annual shareholder meeting.
But today we want to know about Sokol himself. His lawyers have claimed the trades were “above board” and that Sokol was considering a Lubrizol investment before Berkshire met with bankers. Berkshire has said it is considering legal action. What do you think will become of Sokol?