Word: buffett
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...civil fraud charges in May, accusing Greenberg of orchestrating "sham transactions" that hid losses and inflated AIG's net worth. Just last week he resigned from AIG's board, ending his last official tie to the company--the same week two executives at General Re, a unit of Warren Buffett's Berkshire Hathaway that did business with AIG, pleaded guilty to civil fraud charges that name Greenberg as a co-conspirator...
...were a liberal, but a realist, and, having finished both lunches with the party chairmen, you stopped to think about the contrast—Warren Buffett for the Republicans and Al Roker for the Democrats—wouldn’t you be worried...
...Buffett's being drawn into the insurance muck throws a spotlight on the industry and has rekindled the debate over whether insurance companies need federal oversight. Regulation of the industry rests mainly with the states, which are short on resources--a condition that may have allowed abuses to incubate. Insurer Marsh & McLennan, formerly run by Greenberg's son Jeffrey, agreed to pay $850 million to settle civil fraud charges earlier this year. Others being probed include Chubb, Swiss Reinsurance...
...Even if Buffett emerges clean, as many believe he will, the concept of a revered, trust-me CEO is RIP. For decades, Wall Street prized corporate leaders who could dip into their financial black box and deliver steady, no-surprise earnings, even if investors had no idea precisely how those magic numbers were reached. That changed after dazzling bookkeeping (later found to be fraud) at Enron and WorldCom led to the destruction of billions of dollars of wealth. In today's regulatory climate, uncanny consistency invites scrutiny...
Even the generally forthcoming Buffett can be criticized for hiding some things. While Berkshire's accounting record remains spotless, Buffett, 74, has asked shareholders to trust him on the issue of succession. Who will run Berkshire when he moves on? The stock gets a special lift from Buffett's marquee leadership, yet investors must live with a lack of transparency in this area, having only the prognostications of outsiders to rely on. Reportedly on Buffett's short list of CEO candidates is Ajit Jain, who runs National Indemnity Co. and is the only Berkshire unit manager that Buffett speaks...