Buffett heir apparent quits after stock purchases

[Liberal_in_LA]

Buffett heir apparent quits after stock purchases
March 30, 2011 6:05 PM ET.

NEW YORK (Reuters) - One of Warren Buffett's favored lieutenants, who was seen as his leading heir apparent, resigned after buying shares in a company he then repeatedly pushed Buffett to acquire.

The resignation of David Sokol from his roles as chairman of Berkshire Hathaway units MidAmerican Energy and NetJets is a reputational blow for Buffett, the 80-year-old "Oracle of Omaha" who recently sealed a $9 billion deal for Lubrizol Corp .

"Especially in a situation like this, the brand is everything. Often, when you violate that brand for any reason whatsoever, your goose is cooked," said William Larkin, fixed income portfolio manager at Cabot Money Management. "I have not ever heard of something like that coming from Berkshire."

Buffett said on Wednesday that Sokol bought shares of Lubrizol last December, sold them, then bought more shares in early January. He subsequently presented Buffett with the idea of buying the company.

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20110330&id=13241965

[provis99]

1. what an unethical bastard.

Trying to get Buffett to buy the company just so Sokol's shares increase in value. No wonder his goose is cooked.