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NetJets ex-CEO “paragon of rectitude” says his lawyer

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“Paragon of rectitude,” NetJets ex-ceo David Sokol.

First of all, I hope that no one ever calls me a “paragon of rectitude.”  Even when meant as a compliment, it just doesn’t sound that great.

Moving on… The SEC told David Sokol’s attorney today that it will not pursue insider trading charges against the former NetJets CEO and one-time odds on favorite for Warren Buffett’s replacement as the head of Berkshire Hathaway.  I’ll leave it as an exercise for the reader to look up the actual meaning of the words “paragon” and “rectitude” and then see how that matches up to the Berkshire Hathaway board’s report on the Sokol Lubrizol insider trading  incident.  While I’m sure most people won’t have to look it up, it’s entertaining nevertheless, as the actual meanings are even farther from reality than you might guess.  Even for a lawyer who is part of a legal defense team earning $200k per month for defending Sokol (the bill for which goes to the Berkshire shareholders), the language is, to say the least, a bit rich.

It’s clear Sokol got caught with his hand in the cookie jar — it’s just that the SEC didn’t think it was a winnable case.  The most interesting thing to me about the whole affair is how could Warren Buffett, the Oracle of Omaha, have placed so much faith and trust into such a slimy nitwit.  I’m definitely not part of the Oracle’s cult, but I did have a lot of respect for him.  The fact that he had considered Sokol as a potential successor really makes me question his judgment.

Also, the inability of the SEC to bring any charges in this case further cements their reputation as  a bunch of incompetent porn-watching boobs.  Kudos to them.

WSJ: Case Ends Against Buffett’s Ex-Aide

NYT: S.E.C. Ends Scrutiny of Former Top Aide to Buffett

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Written by mojofinance

January 4, 2013 at 1:32 am