http://finance.yahoo.com/news/SEC-questioned-Warren-rb-1660839747.html?x=0&sec=topStories&pos=3&asset=&ccode=
The SEC has absolutely no say in Warren's world.
None of the investment elite play by any regulated set of rules and apparently they just don't have to.
The U.S. Securities and Exchange Commission questioned Warren Buffett's Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft (NYSE:KFT - News) and US Bancorp (NYSE:USB - News), but the company insisted its accounting was right
In an April letter, the SEC asked Berkshire why it was not recording write-downs on shares with $1.86 billion in unrealized losses, all of which had been in that position for at least a year.
Given the duration of those losses, the SEC said they appeared to be more than temporary and as such should have been written down.
In a detailed response, Berkshire Chief Financial Officer Marc Hamburg said most of the losses with more than 12 months' duration as of December 31 were concentrated in Kraft and U.S. Bancorp, shares it had acquired in 2006 and 2007.
