This transcript is automatically generated
The Securities and Exchange Commission has officially cleared David Sokol of insider trading at -- investigation spanning nearly two years.
You may remember Sokol used to be a top executive at Berkshire Hathaway even consider to eventually take over for Warren Buffett.
So let's explain a salty and how the scandal began back in 2010 -- 2010 -- Sokol bought ten million dollars worth of a company called -- all of those shares soon after.
He suggested to Warren Buffett hey Berkshire should -- -- -- -- chemical company out of Cleveland makes a lot of money.
Buffett looked out it's a great let's do what he bought the company as usually happens when Warren Buffett buys companies the shares spike.
Of the entire time.
Sokol who met a lot of money on this insisted he did nothing wrong even though he profited by -- knowing in advance that Warren Buffett listens to Hammond.
Warren Buffett would probably take his advice because Warren Buffett respected Dave Sokol.
Well became a whole huge issue and Dave Sokol resigned in March before it became public but then everybody wondered why did you -- -- -- sat down with Warren -- in May of 2011.
Keep back then cults locals actions inexcusable and said that Sokol miss led Berkshire Hathaway.
Back then Buffett also told me the SEC never reached out to directly about the investigation but that he would always be willing to work with them today Warren Buffett whom I spoke with said.
No comment on David Sokol.
As I spoke with him but also spoke with David Sokol -- call David Sokol had a long conversation David Sokol telling Fox Business.
He was relieved to get this all behind him but that its -- Quote when you get that phone call where they say you didn't do what you know you didn't do -- it's just took off feeling he also said I'm thrilled that the SEC made the conclusion that they did now I asked for questions about the timing of his resignation -- -- -- 2011.
Lot of people were questioning whether -- push him to resign after finding out that he had just bought the shares.
We'll -- Sokol had tried he said to resigned two years earlier to start his own investment company he denied being pushed out 2011 telling Fox Business.
It was unconditionally.
By decision to leave.
My only mistaken all of this is that I should have resigned.
The two years ago when not two years later now as a set Warren Buffett did not want to comment on the Sokol investigation but I did ask him about his ticker -- At least the markets -- at least whether he'd -- make money and he said it we've been on an upswing since 2009 it's not as fast as people would like but -- tomorrow is always on certain.
The future of America has its best days ahead.
He feels this will be another good year for Berkshire David Sokol for his part is now heading up a private equity firm with his own cash.
It's called -- on capitol but David Sokol telling Fox Business he's thrilled but yet he always felt that he had never done anything wrong.
Let's get back to the markets the markets got a jolt yesterday during this show after December's fed minutes were released and.