Buffett admits mistakes over Sokol scandal

Berkshire Hathaway's Warren Buffett has conceded he made a mistake in managing his executive David Sokol, who was accused of insider trading and resigned in March.

Buffett, chairman and chief executive of the firm, admitted he should have questioned Sokol about buying Lubrizol stock, prior to Berkshire Hathaway's purchase of the chemicals firm in March for $9bn, marking one of Buffett's largest deals. The billionaire investor told shareholders at the firm's annual general meeting last week: "I obviously made a big mistake by not saying ‘Well, when did you buy it?' but I think if somebody says I have owned the stock, you know it sounds to me like they did not buy it in the previous week. "So there we are with a situation, which is sad for Berkshi...