Camel’s noses and tents

April 17, 2008

The Wall Street Journal opines about the recent resignation of former General Re CEO Joseph Brandon, thought to have been brought about by pressure from the Department of Justice:

… the Sage of Omaha may not have had much choice. Fiduciary duty to Berkshire shareholders requires him to avoid a criminal indictment of Gen Re at any cost. Such a reputational blow is a likely death sentence for any financial company…. We have come to a strange pass in this country when prosecutors who can’t prove their case can nonetheless tell Warren Buffett who can run his companies.

(Emphasis added.)

Posted by DCT | Filed Under Criminal prosecution 

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