The public sector is by far the largest investor globally in basic research to discover important new drugs and vaccines. |
The question going forward is do you trade directors with 100 percent purity but facing a steep learning curve with those that are competent and seasoned board members? I would say until proven guilty, you keep working with those you have. |
They are taking a hit now with the expectation of this settlement on market timing. |
They have been doing more careful underwriting. |
They have had more success than other foreign insurers, because of their history. To win in that market depends on being able to win the regulator game. A high-level government official is going to help. |
Unless prosecutors win the cooperation-through whatever means of the people below Buffett and Greenberg, it is unlikely that their reach will extend to them. |
Whenever you remove uncertainty, it's a good thing. On the downside, they will still have to deal with private shareholders' suits. |