Warren Buffett may be more diligent when he plays cards than in enforcing the policies he wrote for Berkshire Hathaway. Principles only matter when they are inconvenient. A policy that isn't enforced isn't a policy.
Berkshire Hathaway's reputation has revolved around the lip-service paid by Warren Buffett to a high standard of corporate governance. Now, the moral tone set at the top is now being publicly questioned.
The David Sokol case reveals much of what has gone wrong on Wall Street. Employees of publicly traded firms get very confused as to what their responsibilities are to their shareholders, other firms' shareholders, and to society in general.
Buffett's enthusiasm about the economy is unmistakable. He reiterates his view that America's best days are ahead, but it's not just talk: Berkshire is making very large investments in its businesses, most of which are doing very well.