Buffett's Balancing Act

Will a vague link to embattled AIG take a toll on the Oracle of Omaha's pristine reputation?

The era of the trust-me CEO took another bullet last week, when American International Group (AIG) fessed up to improper bookkeeping in a deal with a unit of Warren Buffett's Berkshire Hathaway. AIG severed ties with its iconic former CEO Maurice (Hank) Greenberg. But it is Greenberg's link to the even more lionized Buffett that's causing the biggest stir.

Buffett has long been the most trusted CEO in the world. So what did he know? And when did he know it? In late 2000, Berkshire's General Re, which insures insurers, entered into agreements with global underwriter AIG that AIG concedes it...

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