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New Sokol Poll


Guest ValueCarl
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Was David Sokol in violation of ethical and moral Codes of Conduct, perhaps even breaking the law, when he traded Lubrizol stock?  

102 members have voted

  1. 1. Was David Sokol in violation of ethical and moral Codes of Conduct, perhaps even breaking the law, when he traded Lubrizol stock?

    • Yes
    • No


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Guest ValueCarl

With more than 200 hits and just 12 votes cast, it's apparent that my brothers and sisters on this board remain lukewarm towards being too judgmental about David Sokol's betrayal of his Master in seeking a Kingdom of his own(pure, unadulterated greed).

 

With clouds of "GREY MATTER" ruling such thought processes, let's see if the new poll is more palatable at encouraging better participation.   

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Guest Dazel

 

 

breaking the law get's me....he likely did not...and will not be charged.

 

"yes" to the others

Buffett likely fired him on the others...I also did not like that he sold out Munger on CNBC...and I am betting it was a shot at Buffett and Munger for being fired.

 

Dazel.

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Guest ValueCarl

Dazel, the key word to this poll and "law breaking" was "perhaps." With WEB's comment in the press knowing the masterful Harvard lawyer of Munger Tolles fame, along with director "Olson" always being behind him, I'll bet you are right. Couple that with the complicit SEC co opted to do no good by overlooking far greater criminals over the years inclusive of John Mack of Morgan Stanley, I have "The Presidential Juice;" an attempt to take down Sokol would be nothing less than an assault on The Buffett Empire to try to redeem their despicable image. Investors across the US and the globe can only wish for such redemption at this juncture at the same time they trip over themselves in the Cuban fiasco.  imo    

 

 

P.S. And then there was that BANKSTER, Ang, "The Tan Man," Mozillo, who went Scot free!  

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Guest ValueCarl

Interesting observation, scorpioncapital. I had expected that though. Asking the broadest, possibly more qualitative, more inclusive question doesn't always get us closer to the answer, or is it black and white truth or lies that the human species is afraid of? Too narrow and too constraining? What we know for sure; however, is that the consensus is confirming corporate malfeasance in the form of ethical codes of conduct having been violated. Beyond that, the desires of the powerful and influential in the legal world, depending upon their current motives and needs, will decide where this case goes or doesn't go from a "legal" standard. Waiting for the SEC's commentary while expecting the least! 

 

I just mentioned John Mack, aka, Mack the Knife, for receiving a get out of jail card free (The Gary Aguirre Whistle Blower Case), yet, the atrocities now extend to his wife, with US taxpayers footing the bill it seems. Matt Taibbi hits the cover off the "Rolling Stone" ball again.  >:(   

 

 

Christy is the wife of John Mack, the chairman of Morgan Stanley. Susan is the widow of Peter Karches, a close friend of the Macks who served as president of Morgan Stanley's investment-banking division. Neither woman appears to have any serious history in business, apart from a few philanthropic experiences. Yet the Federal Reserve handed them both low-interest loans of nearly a quarter of a billion dollars through a complicated bailout program that virtually guaranteed them millions in risk-free income.

 

http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411

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In America everyone is innocent until proven otherwise.  I like operating with this principle in mind during my daily life.  Doing so gives me the opportunity to evaluate new information as it comes in, instead of being bound by a consistency bias (among others).

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Guest ValueCarl

I think you both have valid points. I feel stupid for having proposed the question. I guess it would have been nice for Messrs Buffett and Munger to have detailed why they are under the belief system that this was not "unlawful" behavior? One can't give their cards away in what seems to be an inevitable lawsuit much to the chagrin of Berkshire owners, on the other hand.         

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Personally I doubt anyone on this board has enough information to answer the question fairly.

 

It makes sense that few people voted. I couldn't.

If there is more to tell that hasn't yet become public and would portray Sokol in a better light, why has this not been revealed? I just can't wrap my head around why there would be any non-public information that would make Sokol's actions look better. That would be extremely illogical, both from Buffett's, Berkshire's and Sokol's point of view. So to me your stance seems like a cop out.

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Guest ValueCarl

Hmm, it takes a lot of courage to do what this shareholder is doing. I hope that Mr. Buffett, Mr. Munger, and the Berkshire BOD respect him for the "cause of action" as well as "calls to action" he is presenting them with.   

 

Should I tally 23 more votes to my poll?  :D

 

 

<Twenty-one of 23 top U.S. investment bankers polled at this month's Reuters Global Mergers and Acquisitions Summit said Sokol should not have traded in Lubrizol.> 

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Guest ValueCarl

Was it the lawyers who went looking for this shareholder, or this shareholder who sought the lawyers? Some are calling these claims frivolous, and you may call it what you may, but a shareholder has expressed his rights on behalf of all owners to look deeper into the legalities of this matter beyond just, Messrs Buffett and Munger have blessed it for being "legal."  

 

Besides Munger Tolles has to DEEP DISCOUNT their fees to Mr. Buffett if they're going to work for him, right? Get Ron Olson on the phone and slash that hourly rate! Berkshire owners are counting on its directors to do so!

 

This exercise won't cost too much money unless it keeps escalating all the way to criminal stature, and for that to happen you will need an ineffective SEC who has been overlooking connected criminals for decades, to find some UNLAWFUL BEHAVIOR in these dealings to refer it to JUSTICE.

 

That's just not going to happen, because Mr. Buffett and Mr. Munger has said it's "LEGAL!"       

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Guest ValueCarl

One more thing. If Ron doesn't slash those fees low enough for us, we'll export him to China, and import one of their intellectual property right PIRATES over here to do our legal thinking for ten cents on the dollar!

 

 

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it takes a lot of courage to do what this shareholder is doing

 

When did ambulance chasing got equated with courage? It is pretty clear why the plaintiff is suing.

 

 

Awarding to Berkshire damages and restitution from Sokol, and orderingdisgorgement of all profits, benefits and other compensation obtained by Sokol;

 

C.Awarding to Plaintiff the costs and disbursements of the action, including reasonable attorneys’ fees, accountants’ and experts’ fees, costs, and expenses;

and

 

D.Granting such other and further relief as the Court deems just and proper.

 

Dated: April 18, 2011

 

ROSENTHAL, MONHAIT &GODDESS, P.A.By:Carmella P. Keener (Del. Bar No. 2810)/s/Carmella P. Keener 919 North Market Street, Suite 1401Citizens Bank Center P.O. Box 1070Wilmington, DE 19899-1070(302) 656-4433

 

Counsel forPlaintiff Mason KirbyOF COUNSEL:GARDY & NOTIS, LLPMark C. GardyJames S. NotisJennifer SarnelliCharles A. Germershausen560 Sylvan AvenueEnglewood Cliffs, NJ 07632(201) 567-7377HAROLD B. OBSTFELD, P.C.Harold B. Obstfeld100 Park Avenue, 20thFloor  New York, NY 10017(212) 696-1212

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Guest ValueCarl

I ask you this then. Has Mr. Munger ever been GUN SHY about suing some entity he deemed to be violating his code of honor or ethics tied to business dealings? I think Berkshire owners are being somewhat naive here and should remain open minded until we see the final outcomes of where this is heading.

 

Obviously, Mr. Kirby believes what he is doing is right and his attorneys on "contingency" believe there is "legal merit" to their claims.

 

At the same time, I would never DISCOUNT The Oracle nor his trusty partner at pulling a rabbit out of their hat! These are highly intelligent beings who staked their case on previously made public comments that his actions were not "unlawful." Now, they will tell it to the judge!  ;D 

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Guest ValueCarl

It's not impossible for Mr. Ellison to put up a good legal fight against Mr. Munger!  ;D This man is not afraid to use his legal bullets nor help others exhaust theirs!

 

http://finance.yahoo.com/news/Larry-Ellisons-latest-job-rb-2268709743.html;_ylt=AjpNoccx.fZnMfLpFnWXiJ27YWsA;_ylu=X3oDMTE2MDVxZnVtBHBvcwMxMARzZWMDdG9wU3RvcmllcwRzbGsDbGFycnllbGxpc29u?x=0&sec=topStories&pos=7&asset=&ccode=

 

 

SAN FRANCISCO (Reuters) - Larry Ellison is famous for wanting to be in charge, so perhaps it is no surprise that when jury duty came calling, Oracle's (NasdaqGS:ORCL - News) chief executive served as the foreman.

 

And for a woman who slipped in diesel fuel at a Northern California Ford dealership, Ellison's public service may have helped her secure a judgment for nearly $500,000.

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Guest ValueCarl

The David Sokol voting booth is now closed in conjunction with the Berkshire Hathaway Shareholder meeting. Although the turn out was disappointing for a board where Berkshire zealots and fans are said to break bread, the YES' have it exactly the way The Oracle of Omaha and his legal minded partner, have now described it to be.

 

       

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