… and when he looks back at Thursday’s interview with CNBC it might be with some regret.
When you are in a hole, stop digging etc…
SOKOL SAYS “I DIDN’T HAVE ANY INSIDE INFORMATION” .
SOKOL SAYS DOES NOT HAVE AN ACTIVE STOCK PORTFOLIO, 3-4 DECISIONS A YEAR.
BERKSHIRE’S SOKOL SAYS HAS NOT BEEN CONTACTED BY THE SEC.
BERKSHIRE’S SOKOL SAYS HE DOES NOT BELIEVE HE BEHAVED UNETHICALLY.
SOKOL SAYS BELIEVED LUBRIZOL WAS UNDERVALUED, AND GOOD LONG-TERM INVESTMENT.
SOKOL SAYS LUBRIZOL IS AN UNUSAL COMPANY FOR BERKSHIRE AND HE DID NOT THINK BUFFETT WOULD BUY IT.
SOKOL SAYS “I DIDN’T KNOW ANYTHING OTHERS DON’T KNOW”.
SOKOL SAYS NEVER GOT ANY REACTION FROM BUFFETT AFTER BUFFETT LEARNED MARCH 19 OF SOKOL’S LUBRIZOL STAKE.
SOKOL SAYS IF THERE IS ANY INAPPROPRIATE BEHAVIOR IT CERTAINLY SHOULD BE LOOKED AT.
And in more depth from CNBC:
“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 ask 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.”
More questions than answers, we think, particularly if you look at this timeline from Deal Journal.
Somebody get this man a PR adviser.
Lingering questions regarding Sokol’s resignation – FT Alphaville