Sokol Resigns

[OHGOON]

Here's more
http://finance.yahoo.com/news/Buffett-surprised-as-top-apf-2077597483.html?x=0

 

[AZaviator]

Apparently NJA was overstaffed by 301!?

 

[Mike Jenvey]

From one of the links::

David Sokol, long considered by outsiders to be the most likely candidate to succeed Warren Buffett, resigned from Berkshire Hathaway Inc. after purchasing shares of a company he suggested Mr. Buffett buy.

No chance of taking over any reins!!

EDIT - Doesn't look healthy - & BH "B" shares took a slight drop:

Possible Buffett successor quits under cloud

 

[wolfpackpilot]

What strikes me most about that article?

Buffett is 80 years old. No one lives forever and I suspect that BH will not be the same after his departure. Either from the office or this world.

Either way, this doesn't bode well for NJ. Hansel is an attorney, and we all know what that means.

my .02

 

[Dooker]

The guy was DIRTY. He bought 100,000 shares of Lubrizol right before BH scooped it up. You think Uncle Warren condones those kinds of shenanigans?

My sense is that the guy knew he was never going to get the top spot at BH and this was his way of grabbing two beers and pulling the emergency escape slide on his way out.

 

[OPECJet]

The guy was DIRTY. He bought 100,000 shares of Lubrizol right before BH scooped it up. You think Uncle Warren condones those kinds of shenanigans?

My sense is that the guy knew he was never going to get the top spot at BH and this was his way of grabbing two beers and pulling the emergency escape slide on his way out.

I bet Warren doesn't give 1/3 of a dump. I'd love the SEC to crawl up his craw too.

 

[CRAWDADDY]

Buffett is 80 years old. No one lives forever and I suspect that BH will not be the same after his departure. Either from the office or this world.

Without G-d, everything is permissible. Jean-Paul Sartre

Either way, this doesn't bode well for NJ. Hansel is an attorney, and we all know what that means.

my .02[/QUOTE]

So true. 99% of attorneys give the rest a bad name

 

[wacoflyr]

[/QUOTE]

So true. 99% of attorneys give the rest a bad name[/QUOTE]


That got a laugh. 'Lawyers and bankers and insurance companies, Oh My!'

 

[Pervis]

He works 7 days a week (each week, not every other). It's time to quit working and relax.

That statement is very telling. In fact, it makes your screen name more appropriate than even you know.

 

[johnsonrod]

Saw Sokol on CNBC this morning - he looked like he was sweating during the entire interview. Sounds just plain stupid in my opinion - a big conflict of interest. He spent a lot of time pumping-up the current Netjets mgmt team. Still, the tone/vibe of the interview was not that positive. He seemed very defensive.

It will be interesting to see how this plays out.

 

[OPECJet]

Time to start sending him large quantities of soap on a rope!

On second thought......

 

[Gone Soaring]

"Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence and energy. And if you don't have the first, the other two will kill you. You think about it; it's true. If you hire somebody without [integrity], you really want them to be dumb and lazy."

-Warren Buffett

http://www.youtube.com/watch?v=DfuXKpMFUjc&feature=player_embedded#at=17

 

[Lord Wakefield]

100,000 shares in the same company? I don't think CNBC's Kramer would call that being diversified..

 

[B-J-J Fighter]

When will NJA recall?

 

[dudemize]

When will NJA recall?

I would say we are closer to more furloughs than recalls at this point.

Sad but true.

 

[Pervis]

I would say we are closer to more furloughs than recalls at this point.

Sad but true.

I would say the threat of more furloughs just resigned.

 

[dudemize]

I would say the threat of more furloughs just resigned.

I hope you're right. Things are certainly brighter than they were 2 days ago.

 

[fischman]

I would say the threat of more furloughs just resigned.

I wish I shared your optimism. Our new CEO has to prove himself. What will he prove? I am preparing for a fight, hoping for a recall.

 

[Semore Butts]

As I posted on the union board

Any 2nd Lieutenant or WO-1 (Warrant Officer 1) could have slashed like sokol did.

He was just getting to actually running the company.

We will never know what his performance would have been. But he would not have bullied us into concessions like he wanted.

Lets just hope we get a real leader.

Maybe somewhere between D.S. and R.T.S. we could find a happy ass kicking medium?

Maybe we should call in "BDO".........

Or maybe B.O.??????

Good luck to all, I truly hope we don't furlough again.

It was D.S. short sided slash and burn that wanted to shrink the company so he could manage it (or mismanage it, if you will?)

TAke care, Semore

 

[T-1GUY]

......

 

[CRAWDADDY]

Seems so silly now to suggest that a pilot who tosses his business card in the glass fishbowl at the FBO for a chance to win a sweatshirt is potentially acting in an unethical manner and has created a conflict of interests...

At least he's left his replacement pretty green from a lack of grooming. How long will he avoid the pilots?

 

[CA1900]

He's been avoiding us since he got here.

 

[glasspilot]

Seems so silly now to suggest that a pilot who tosses his business card in the glass fishbowl at the FBO for a chance to win a sweatshirt is potentially acting in an unethical manner and has created a conflict of interests...

Now that's interesting. Anyone care to elaborate? I'd love to hear the logic behind that...

 

[jtf]

The ethics training and rules at NJA are way beyond what one would reasonably expect. Many are not really very logical at all since as pilots, we have no say on what FBO we go to and little say on how much fuel and other services we get once at the FBO. I guess the company is afraid that since NJA is such a big customer, the FBOs may rig the game for an NJA employee and make NJA look bad if caught. I just can't believe that there are Berkshire Hathaway and NJA people sitting around thinking that far out on possible ethics problems while ignoring Sokol's history of threats, firing lists, and overall poor ethical behavior- especially after major lawsuits have come after him for severely unethical behavior in the past. Now his front running the Lubrizol deal finally was the last straw and my guess is it wasn't so much his choice if he was going to stay.

 

[imacdog]

Now that's interesting. Anyone care to elaborate? I'd love to hear the logic behind that...

The BH ethics guidelines. Get gas at Atlantic and get a few Atlantic bucks? Unethical. Invest ten million into a company, then convince BH to purchase that company and walk away with a three million dollar personal profit? No problem there and WB's got your back (at least in public).

 

[CRAWDADDY]

He's been avoiding us since he got here.

Yes he has. And now he's in charge with very little grooming for the job.

 

[G4dude]

The BH ethics guidelines. Get gas at Atlantic and get a few Atlantic bucks? Unethical. Invest ten million into a company, then convince BH to purchase that company and walk away with a three million dollar personal profit? No problem there and WB's got your back (at least in public).

If Sokol told BH he had purchased those shares when he recommended BH buy them, then he acted ethically. I don't know if he did, but it would be interesting to know.

 

[gret]

If Sokol told BH he had purchased those shares when he recommended BH buy them, then he acted ethically. I don't know if he did, but it would be interesting to know.

..."Jan. 14 or 15: Mr. Sokol mentions a possible Lubrizol deal to Mr. Buffett for the first time, according to Mr. Buffett. Mr. Sokol made a “passing remark” to Mr. Buffett about his stake in Lubrizol, Mr. Buffett said."...

Strongly disagree that it is OK if he mentioned it. He is recommending that BH pursue a company that he has a financial interest in.

The man must have lost his mind...funny that he didn't even personally hand WB his resignation letter...instead he has his assistant do it.

 

[imacdog]

If Sokol told BH he had purchased those shares when he recommended BH buy them, then he acted ethically. I don't know if he did, but it would be interesting to know.

One can disclose all they want but it would still be considered an ethical violation.

 

[gunfyter]

Another article... on the Motley Fool website about this....