 AP |
Sokol was the Berkshire Hathaway subsidiary executive that many considered to be a frontrunner to replace
In 2011, Sokol resigned in the wake of what appeared to be an insider trading scandal.
However, the SEC dropped its investigation into Sokol yesterday, and now he has broken his silence.
From Ng and Eaglesham:
Mr. Buffett had praised Mr. Sokol's contributions to Berkshire upon the executive's departure and said he didn't feel the trades were "in any way unlawful." But weeks after the resignation, the Berkshire Hathaway CEO made scathing remarks about Mr. Sokol's actions, calling them "inexcusable" and "inexplicable" and saying they violated the company's code of ethics.
Mr. Sokol's lawyer said Thursday that he was informed that the Securities and Exchange Commission wouldn't take action against his client.
In a sign that the rift is unlikely to heal soon, Mr. Sokol on Friday lashed out at the 82-year-old Mr. Buffett.
"I will never understand why Mr. Buffett chose to hurt my family in such a way, but given that he is rapidly approaching his judgement [sic] day I will leave his verdict to a higher power," Mr. Sokol wrote in an emailed response to The Wall Street Journal.
Read the whole report at WSJ.com.