The Securities and Exchange Commission is disputing Warren
Buffett's interpretation of the inquiry regarding former Berkshire
Hathaway Inc. (BRKA, BRKB) executive David Sokol, Fox Business
Network's Charles Gasparino reported Monday, citing regulatory
officials.
Buffett, chairman and chief executive of Berkshire, has admitted
receiving "informal requests" from the SEC about former trades made
by Sokol in Lubrizol Corp. (LZ), a company he urged Buffett to
acquire for Berkshire.
However, Gasparino said people at the SEC have told him that the
agency considers "informal requests" no different than subpoenas.
"Buffett is drawing a distinction without a difference," a senior
SEC official is quoted as saying.
Buffett on Saturday told Berkshire's annual gathering of
shareholders that he should have pushed Sokol harder to disclose
the timing of his holdings in Lubrizol stock. Berkshire in March
agreed to buy the chemical company for $9 billion.
Sokol has said he believes he did nothing wrong. Through a
statement from his lawyer, Sokol over the weekend accused Buffett
of making him a scapegoat in the Lubrizol matter.
Full story at www.foxbusiness.com
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