WEST PALM BEACH, FL (www.hedgeco.net) – Investigators on three continents are examining Warren Buffett�s insurance affiliates according to news reports. Buffett�s investment firm Berkshire Hathawayis undoubtedly one of the most successful firms in the world, through the guidance of Warren Buffett himself. Some of Buffett�s insurance affiliates are now being investigated for what has beendescribed as �possible financial manipulation.�
According to published reports, Buffett�s insurance affiliates are being investigated for alleged financial manipulation at the American International Group and the Zurich Financial Services Group. Australian investigators are also looking at the role played by transactions of Berkshire insurance affiliates, which ultimately led to the collapse of an insurance firm in what has been called the largest financial scandal in Australia�s history.
Investigators are yet to determine whether Buffett himself was aware of such scandals, it remains unclear if some of Buffett insurance executives in the United States are involved. Several names have been mentioned, such as, Ajit Jain and Joseph P. Brandon, and Ron Ferguson, a retired Berkshire insurance executive. None of the mentioned executives have been charged of any violations yet.
Some of the transactions being investigated has been traced to a Berkshire subsidiary in Dublin; where several employees banned from Australian insurance market are allegedly still working with the Buffett�s subsidiaries. Maurice R. Greenberg, the former chief executive of the American International Group. A.I.G. has resigned from his position. Investigators are scrutinizing the deal, which Mr. Greenberg entered into with General Re Corporation, which is a unit of Berkshire Hathaway. According to reports, that deal is the main focus of the investigations. Berkshire spokesman declined to comment. No charges have been filed so far.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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