Immediately before every Berkshire Hathaway AGM, the 40 000 pilgrims to Omaha cheer and chuckle while treated to a delightfully cheesy in-house movie. Although content changes annually, all these movies run a short clip from chairman Warren Buffett’s 1991 testimony to US Congress over the Salomon Brothers bond trading scandal. Buffett, who bought into Salomon in 1987, acquired responsibility for handling the scandal by taking over as interim chairman.
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The critical part of the testimony, where Buffett explains the ethos he was introducing to the firm, reads: ‘I want (Salomon) employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper, to be read by their spouses, children and friends, with the reporting done by an informed and critical reporter. If they follow this test they need not fear my other message to them: Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm and I will be ruthless.’
Lebashe’s Tshepo Mahloele (above), founder of billion dollar Africa infrastructure fund Harith and chairman of media group Arena, followed Buffett’s advice to the word after being defamed in mid-2018 by high profile politician Bantu Holomisa. Instead of shrugging off Holomisa’s assertion that he was the kingpin of an ‘iceberg of corruption’ that plundered the PIC, Mahloele is ruthless in the defence of his reputation. Now, 28 months after the defamation, justice is now starting to be served.
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Yesterday a five-judge bench of SA’s Supreme Court of Appeal in Bloemfontein dismissed Holomisa’s appeal against an urgent interdict granted in June 2018 that prevented him repeating the defamation. The politician must also pay the cost of Lebashe’s counsel. Next comes the defamation trial where Lebashe is pursuing Holomisa for his ‘reckless, unsubstantiated and malicious allegations’. Ruthlessly. Warren Buffett would surely approve.
For your attention today…
WEBINAR ALERT…
* Please join me at noon today for a special webinar that will open your eyes to how much the digital age has transformed education. My guests are from the disruptive on-line digital high school Valenture Institute –Â founder Robert Paddock and faculty lead Sarah Elphick. Register here:Â https://attendee.gotowebinar.com/register/4850212282925182219
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* It was a high quality Rational Radio webinar yesterday where Anchor Capital founder Peter Armitage shared reasons behind his company’s proposed delisting; Forensics for Justice founder Paul O’Sullivan provided perspective – and advice – on ANC SG Ace Magashule’s arrest; and the now-global PANDA’s Nick Hudson lashed out against Covid-19 disinformation. Here’s the link to the recording: https://www.youtube.com/watch?v=9Lt932xePRo
* Also well worth watching is the recording of Biznews.com editor Jackie Cameron’s Finance Friday webinar where she hosted BrightRock’s CEO Schalk Malan, independent financial advisor Dawn Ridler and moneycraft expert and trainer Rob Macdonald: https://www.youtube.com/watch?v=I6SrOm-EySI
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