OMAHA, Neb.—Warren Buffett on Sunday sought to limit damage to Berkshire Hathaway Inc. and to his own reputation in the wake of a stock-trading controversy involving a top aide.
Asked at a news conference how his reputation has been affected by the episode, Mr. Buffett said: "I don't really feel it's changed much…Overall, everything I do is out there for people to judge."
Mr. Buffett was severely critical at Berkshire's annual meeting Saturday of the actions of the aide, who in January recommended Berkshire buy a company in which the aide had just invested. But on March 30, in announcing the aide was leaving, Mr. Buffett had spoken mildly of the aide's action. Berkshire Vice Chairman Charlie Munger said in an interview Sunday that the company fumbled that March 30 disclosure.
Mr. Buffett, in his news conference, said the company "will try to minimize mistakes we make in the future." Of his own reputation, he said he didn't think the matter would "change a record of 80 years."
Given Mr. Buffett's central role in the matter, he is likely to be interviewed if the Securities and Exchange Commission conducts depositions as part of its review.
The Berkshire chairman and CEO said Sunday he didn't know if he'd be called as a witness in a regulatory probe or possible civil litigation. He reiterated that Berkshire has turned over information to the SEC in response to an informal request. He said he wasn't aware of any formal probe.
Berkshire acted "very promptly, to make sure the [SEC] and the top of the enforcement division was well-versed," he said the day before at the annual meeting.
In a sign of how sensitively the company is handling the situation, it is keeping detailed records of all comments and relevant information about the affair, said Ron Olson, a Berkshire director and attorney, on Saturday.
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