Another interesting tidbit is the way Buffett says he was sceptical of the deal until he heard back from Sokol after Sokol had had a dinner with LZ's CEO. After the information gleaned in this dinner, Buffettturned bullish on the deal. Makes you wonder, what exactly was said there? I assume thinking the CEO "seems smart" or a "nice guy" over dinner would not be the linchpin to the deal. So what kind of info was exchanged? What made a "not interested" go to "great idea". Sokol suggests the deal, profits from it via a short term trade, then resigns. WTF did he just do? Did he stick the old guy with a dog Aquisition? Sokol says he wants to go build his wealth for his family... Was working at Buffett not going to do this? Perhaps he was angry at buffett for being stingy with his compensation? Why already very wealthy men do such things... It could fill a psychology textbook.
Question for those angry at Sokol, If he did something wrong, who was warmed by his actions?Assume that Buffett is telling the truth when he said he made his own decision and Sokol has no influence on that other than asking him to take a look at that
At the very least his position should be closed and all profit forfeited. That's the standard practice on the street for all employees working for the banks even if you are a janitor, if you disclose your position (that's on the restricted list) or the firm findout about it after the fact, the position is immediately liquidated and all profit donated to charity. And if you are part of the team working on the deal, then they need to report to the sec, it may or may not result in any legal action. Not sure what's going on here, did he give up the profit on the trade? If not, that's really fucked up.
I could be wrong, but I thought she did the time for perjury. Still think the Sokol thing doesn't pass the smell test.