Bad actors doing harm to shareholders are key concerns for one of the world’s richest and well-known investors.
Speaking at an annual shareholder meeting in Omaha, Neb., Berkshire Hathaway Inc.’s BRK.A, +1.10% BRK.B, +1.24% Warren Buffett on Saturday said that the possibility of malfeasance at one of his companies, or within Berkshire, has been one of his biggest dreads.
Buffett has been supportive of Sloan and said that he was treated like a “Tim Sloan was a piñata, basically.” That said, he urged speed in responding to problems that crop up: “When you find out something is leading to bad results or bad behavior, if you are in the top job, you’ve got to take action fast,” he said. Buffett was famously criticized for a wrongheaded investment in Salomon Inc.
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