Cramer: Sokol's Actions Embarrassing, But Not Illegal

Thursday, 31 Mar 2011 | 3:32 PM ET

Repeatedly insisting that he did nothing wrong, David Sokol told CNBC Thursday that he still would buy shares in Lubrizol, but wouldn't have told Warren Buffett anything about the company, including his belief that it would be a good acquisition for Berkshire Hathaway.

Mad Money host Jim Cramer said on Thursday's Stop Trading! that Sokol's actions embarrassed Warren Buffett and Berkshire Hathaway but what he did was not illegal.

Stop Trading: Jim Cramer
CNBC's Jim Cramer looks at David Sokol, formerly of Berkshire Hathaway, and his attempts to explain himself on Squawk Box this morning.

"I think it's a shame that it happened to Warren Buffett," Cramer said. "I think he snookered Warren Buffett is the way I look at it."

Meanwhile, the SEC will thank Warren Buffett for bringing the issue public immediately, Cramer said.

"Think about any other situation where the SEC releases a statement or tells The Wall Street Journal 'no, it's not important.' There are no instances of that. The SEC never speaks out, never says anything. It's presumed they're out there trying to get you except for here where they've already said this is uninvestigatable."

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