Archives for November 2011
Berkshire buys 5 pct of IBM, takes other stakes
Buffett's firm buys 5 pct of IBM, reveals smaller stakes of Intel, DirecTV and several others Warren Buffett said Monday that his company has spent $10.7 billion to buy more than 5 percent of IBM's stock this year, a surprising move by the billionaire investor who has long shied away from investing in high technology companies. Berkshire Hathaway also revealed several other new investments made during the turmoil of the third quarter. Besides the new IBM investment, Berkshire added much smaller stakes in Intel Corp., DirecTV, General Dynamics Corp. and CVS Caremark Corp. Most of the details emerged from the…
SEC disciplines 8 employees over Madoff failure
WASHINGTON (AP) -- The Securities and Exchange Commission says it has disciplined eight employees for failing to uncover the Bernard Madoff's pyramid scheme over a 16-year period. None of the employees were fired. SEC spokesman John Nester says the discipline varied. Three employees had their pay reduced. Two received 30-day suspensions without pay, one of whom also received a pay cut. The others received shorter suspension or counseling memos. The actions were based on recommendations by a law firm hired by the agency. Two years ago, the SEC inspector general questioned the conduct of 21 employees in a report on…