Insider Trading at Warren Buffett’s Berkshire Hathaway?

One of Warren Buffett’s top
executives at Berkshire Hathaway has resigned amidst a swirl of insider
trading controversy. Former MidAmerican CEO David Sokol bought $10 million
worth of Lubrizol (NYSE:LZ) before he suggested a Berkshire-Hathaway buyout
of the company to Buffett.

Lubrizol stock jumped nearly 30% on the news that Berkshire would acquire
the company. Sokol made nearly $3 million on the deal. And he is insisting
that he did nothing wrong.

Individual investors are up in arms about this case, as it appears
inappropriate, at best.

“I’ll say this: if Sokol didn’t break the letter of the law, he violated
its spirit,” said Ian Wyatt, of Wyatt Investment Research. “And this is
exactly what’s wrong with Wall Street and securities law enforcement. We
all have the sense that Wall Street insiders can use their advantage to
line their pockets. This Sokol story is a perfect example.”

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