- Warren Buffett's Annual Stock Gift to Gates Foundation Worth $1.8B This Year
- Florida Politicians Hold Their Noses and Pay Buffett's Berkshire $224 Million for Hurricane Pledge
- Warren Buffett's Advice to Young People Seeking Financial Independence
- Buffett's Berkshire Feels the Bear's Bite
- China Fund Manager to Pay Record $2.1 Million for Lunch with Warren Buffett
- Warren Buffett Charity Lunch Auction Ends with High Bid of $2,110,100
- Bidding Tops $300K for Warren Buffett Charity Lunch as Deadline Nears
- Warren Buffett's Incredibly Ordinary Visit to a "Drab" Industrial Neighborhood
- Lunch With Warren Buffett "Worth Every Penny" at $650,100
- TRANSCRIPT: Warren Buffett's Power Lunch Interview on "Exploding" Inflation
- The Week: Pickers Focus on Steel, Financials, Tech & International Stocks
- Bowyer: Back to Monarchy in Land Rights?
- Parking Cash in European Telecoms
- Bargain Stocks: Nokia, Spectra, Incitex Pivot
- Sticker Shock: Fast Money's Inflation Special
- Our Favorite Inflation Trades
- Warren Buffett's Annual Stock Gift to Gates Foundation Worth $1.8B This Year
- That '70's Trade
- The Villain Of Our Story
- Geopolitical Concerns Keep Oil Supported near $144
- South Korea Won Jumps on Intervention Warning
- Asian Markets Are Mixed, Shanghai Leads
- Will Smith Tops Box Office with 'Hancock'
- NBC Universal to Buy The Weather Channel
- Merrill Will Decide on BlackRock Stake Sale Soon
- For Stocks, Escaping Bear Hinges on Oil, GE
- Bush Backs Strong Dollar Policy
- Merrill May Be Close to Selling Bloomberg Stake: Report
Font size:
Feb.25
3:28 PM ET
Monday, 25 Feb 2008
Former Execs at Berkshire Hathaway's Gen Re Convicted in Fraud Trial
 |
Adam Nadel / AP Warren Buffett and Ron Ferguson, who was then chairman and chief executive officer of General Re, at a 1998 news conference annoucning Berkshire's purchase of Gen Re. Ferguson is one of the five defendants standing trial on charges of orchestrating a sham deal to improperly inflate AIG's reserves in 2000 and 2001. |
] was also convicted by the jury, following a one-month federal court trial in Hartford, Connecticut.All five were accused of creating and hiding an illegal deal to make AIG's reserves look better than they actually were in 2000 and 2001.
The defense in the trial had floated the idea of calling Berkshire Chairman Warren Buffett to the stand, in an effort to show that he knew what the defendants were doing, didn't try to stop them and didn't think there was anything wrong with it. The defense has portrayed the deal in question as a perfectly legal transaction.
Despite the talk, the defense never did call Buffett to the stand, vindicating Warren Buffett Watch's semi-bold prediction made as the trial was getting underway.
Berkshire Hathaway's current price: [US;BRK.A
Loading...
()
]
Questions? Comments? Email me at
Related Warren Buffett Watch Posts |
© 2008 CNBC, Inc. All Rights Reserved
Del.icio.us
Digg ItPermalink:
/id/23338818
MORE FROM CNBC
Data is a real-time snapshot *Data is delayed at least 15 minutes