Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, December 4, 2007

Buffett May Testify in Trial of General Re and AIG Executives

Federal prosecutors intend to call Warren Buffett as a witness in the fraud trial of four executives of General Re (a subsidiary of Berkshire Hathaway) and one AIG executive set to begin in January.  The government charges that the five executives engaged in sham transactions to inflate AIG's reserves.  Mr. Buffett has previously said that while he knew of the transactions he did not know that they were illegal.  A lawyer for one defendant has said that Buffett knew the details.  NYTimes, Buffett Is Named as a Witness in the Fraud Trial of 5 Insurance Executives.

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