The Wall Street Journal opines about the recent resignation of former General Re CEO Joseph Brandon, thought to have been brought about by pressure from the Department of Justice:
… the Sage of Omaha may not have had much choice. Fiduciary duty to Berkshire shareholders requires him to avoid a criminal indictment of Gen Re at any cost. Such a reputational blow is a likely death sentence for any financial company…. We have come to a strange pass in this country when prosecutors who can’t prove their case can nonetheless tell Warren Buffett who can run his companies.