Berkshire’s Audit Committee’s announcement pretty much explains Warren Buffet’s previous silence. Innocent until proven guilty. I suppose that Buffet could say little about Sokol until the Audit Committee investigated the matter.
That Buffet and Berkshire were fooled by this guy is symptomatic of Buffet’s decentralized approach to management. In a decentralized company like Berkshire, people will make mistakes (and worse).
My faith in Buffet is restored.