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Judge raps Berkshire (Warren Buffett ) company (docked in Omaha court for $32 million)

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 09:58 AM
Original message
Judge raps Berkshire (Warren Buffett ) company (docked in Omaha court for $32 million)
Source: Omaha World Herald

By Joe Ruff

MidAmerican Energy, the Iowa-based international power subsidiary of Berkshire Hathaway, got docked Friday in an Omaha court for $32 million. The judge found that the company had intentionally miscalculated future profits to force out minority stockholders in a project in the Philippines.

The company also must give the stockholders group 115,000 shares in the project that could pay dividends through 2021 of an estimated $12 million a year. Total future payments could top $140 million.

Douglas County District Judge Gary Randall said MidAmerican Chairman David Sokol decided to change profit calculations in a way that eliminated the San Lorenzo Ruiz Builders & Developers Group's rights in the project. MidAmerican acted willfully and intentionally, Randall said.

MidAmerican spokesman Mark Reinders said the company disagrees and plans to appeal.



Read more: http://www.omaha.com/article/20100403/NEWS01/704039871



I used to play football in the street with Sokol and many other neighborhood friends.

This is another case of the filthy rich trying to screw those lower on the feeding chain. Micheal Moore's "Capitalism" comes to mind.

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iamjoy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 10:42 AM
Response to Original message
1. I Expected Better of Buffett
more fool me
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 01:25 PM
Response to Reply #1
2. You're not alone. I'm very disappointed.
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naaman fletcher Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-04-10 10:38 AM
Response to Reply #1
8. Nah. Buffet has always been a fraud.
His carefully crafted image is crap.
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 01:26 PM
Response to Original message
3. So, Omaha Steve, did Sokol cheat then, too?
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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 02:58 PM
Response to Reply #3
5. His parents were Dems, I think his dad worked at Safeway as a meat cutter

He is a far right winger that contributes to the party and it's candidates. At least Buffet is a Dem and is pro-choice.

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-04-10 04:17 AM
Response to Reply #5
6. thanks. I always wonder what makes people turn away from the Party of their parents.
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Critters2 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-03-10 01:44 PM
Response to Original message
4. Obsessively, relentlessly
Edited on Sat Apr-03-10 01:44 PM by Critters2
lying and cheating
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Lost4words Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-04-10 07:29 AM
Response to Original message
7. the wealthy and powerful have 1 goal, MORE MORE MORE
even if it kills the little people.
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