BH own 10% of Wells Fargo. Almost a 'bank holding company'

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Gravityfare 05/07/17 5:06:51 PM #1:	http://www.reuters.com/article/us-berkshire-buffett-idUSKBN1820J4 Amidst the massive 5 year scandal that broke last year which outed tens upon thousands of customer accounts with unannounced fees from $5 to $38 a pop - BH never sold one share. They own 10% because anymore and they would have to file as a "Bank Holding Company"... When asked on TV during an interview "When Salomon Brothers fell in the early 90's you made the comparison that they were damaged forever from the scandal...do you feel the same about Wells Fargo?" "Oh no. No. And of course, I was on the board of Directors of Salomon Brothers...so that also was a bit of a different situation." "The trust of perhaps millions of people - investors, customers, parents - is shaken with this bank. I mean a CEO was outed over this scandal. A friend of yours." "That's right." "Have you sold or do you intend to sell any of the 10% of the stock your Berkshire Hathaway owns?" "Oh no, no. Nothing about my views on Wells Fargo has changed - I said in 2009 it is perhaps the best stock in the United States - and I still may feel that way. But they did something very bad. For a long time. And once they knew about it - they didn't fix it. Which is where it really went wrong." "So none of this changes your stance as an investor or a promotor of Wells Fargo?" "No, I wouldn't say that." "And you are close friends with that former CEO John Stumpf correct?" "That is correct" ... He goes on to say he really cannot comment on whether lower-level employees took a brunt and were a scapegoat of the Bank after the scandal had broke. Well no shit he can't comment - why would you ask a 10% investor whether he thinks the company he has $30 billion in let the little guy go and the big guy escape? --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653136] in Warren Buf... [t:75321706]...</cite> <quote>http://www.reuters.com/article/us-berkshire-buffett-idUSKBN1820J4 Amidst the massive 5 year scandal that broke last year which outed tens upon thousands of customer accounts with unannounced fees from $5 to $38 a pop - BH never sold one share. They own 10% because anymore and they would have to file as a "Bank Holding Company"... When asked on TV during an interview "When Salomon Brothers fell in the early 90's you made the comparison that they were damaged forever from the scandal...do you feel the same about Wells Fargo?" "Oh no. No. And of course, I was on the board of Directors of Salomon Brothers...so that also was a bit of a different situation." "The trust of perhaps millions of people - investors, customers, parents - is shaken with this bank. I mean a CEO was outed over this scandal. A friend of yours." "That's right." "Have you sold or do you intend to sell any of the 10% of the stock your Berkshire Hathaway owns?" "Oh no, no. Nothing about my views on Wells Fargo has changed - I said in 2009 it is perhaps the best stock in the United States - and I still may feel that way. But they did something very bad. For a long time. And once they knew about it - they didn't fix it. Which is where it really went wrong." "So none of this changes your stance as an investor or a promotor of Wells Fargo?" "No, I wouldn't say that." "And you are close friends with that former CEO John Stumpf correct?" "That is correct" ... He goes on to say he really cannot comment on whether lower-level employees took a brunt and were a scapegoat of the Bank after the scandal had broke. Well no shit he can't comment - why would you ask a 10% investor whether he thinks the company he has $30 billion in let the little guy go and the big guy escape?</quote> ... Copied to Clipboard!
Gravityfare 05/07/17 5:09:21 PM #2:	Long story short: Lovable old billionaire everyone says 'dawwww' too because he actually owns up to how good the rich have it flat out says it still may be the best stock in the NYSE even though this lasted over 5 years Personally, I won't buy a WF stock anytime soon. I'll look at PNC Bank, NY Mellon, JP Morgan Chase, BoA, and CITIgroup all day long but fuck Wells Fargo after the scandal they pulled. --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653284] in Warren Buf... [t:75321706]...</cite> <quote>Long story short: Lovable old billionaire everyone says 'dawwww' too because he actually owns up to how good the rich have it flat out says it still may be the best stock in the NYSE even though this lasted over 5 years Personally, I won't buy a WF stock anytime soon. I'll look at PNC Bank, NY Mellon, JP Morgan Chase, BoA, and CITIgroup all day long but fuck Wells Fargo after the scandal they pulled.</quote> ... Copied to Clipboard!
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CableZL 05/07/17 5:11:25 PM #4:	Wells Fargo was running that scam a lot longer than they're wanting to admit to. --- http://i.imgur.com/ByKGlJb.gif http://i.imgur.com/nZdaA8D.gif http://i.imgur.com/VBLBILg.jpg <cite>CableZL posted [p:878653397] in Warren Buf... [t:75321706]...</cite> <quote>Wells Fargo was running that scam a lot longer than they're wanting to admit to.</quote> ... Copied to Clipboard!
asdf8562 05/07/17 5:13:16 PM #5:	Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. He has stocks in the company. Buffet says what the company did was bad. Should Buffet invest somewhere else for that? I say no. Buffet for reasons I dont care still thinks stocks will make him money. I dont really see how thats so bad(unless you have a economical reasons why its bad). This just sounds like ones feeling on why he should pull his stocks. And for the record, Im not saying remotely what WF did was even in the slightest ok. <cite>asdf8562 posted [p:878653506] in Warren Buf... [t:75321706]...</cite> <quote>Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. He has stocks in the company. Buffet says what the company did was bad. Should Buffet invest somewhere else for that? I say no. Buffet for reasons I dont care still thinks stocks will make him money. I dont really see how thats so bad(unless you have a economical reasons why its bad). This just sounds like ones feeling on why he should pull his stocks. And for the record, Im not saying remotely what WF did was even in the slightest ok.</quote> ... Copied to Clipboard!
Gravityfare 05/07/17 5:13:21 PM #6:	Yeah, I don't agree with that at all. ALL the banks did shady shit right after 2009 - EVERY corporation scraped for Profits back then. Food makers created smaller packaging without notice, banks increased fees, Cops wrote more tickets for no-sealtbelts, etc. Saying "Everyone does this kind of stuff" is most definitely not true. Merril Lynch, which BoA owns, just had windfall Q1 profits due to increased commission fees. There are ways to do this type of shady shit without being...well, incredibly cold and heartless to the point of massive fraud across all 50 states. --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653514] in Warren Buf... [t:75321706]...</cite> <quote>Yeah, I don't agree with that at all. ALL the banks did shady shit right after 2009 - EVERY corporation scraped for Profits back then. Food makers created smaller packaging without notice, banks increased fees, Cops wrote more tickets for no-sealtbelts, etc. Saying "Everyone does this kind of stuff" is most definitely not true. Merril Lynch, which BoA owns, just had windfall Q1 profits due to increased commission fees. There are ways to do this type of shady shit without being...well, incredibly cold and heartless to the point of massive fraud across all 50 states.</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:15:34 PM #7:	Gravityfare posted... Long story short: Lovable old billionaire everyone says 'dawwww' too because he actually owns up to how good the rich have it flat out says it still may be the best stock in the NYSE even though this lasted over 5 years Personally, I won't buy a WF stock anytime soon. I'll look at PNC Bank, NY Mellon, JP Morgan Chase, BoA, and CITIgroup all day long but fuck Wells Fargo after the scandal they pulled. All those banks probably do the same shit as Wells, Wells just got caught. <cite>wah_wah_wah posted [p:878653650] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote>Long story short: Lovable old billionaire everyone says 'dawwww' too because he actually owns up to how good the rich have it flat out says it still may be the best stock in the NYSE even though this lasted over 5 years Personally, I won't buy a WF stock anytime soon. I'll look at PNC Bank, NY Mellon, JP Morgan Chase, BoA, and CITIgroup all day long but fuck Wells Fargo after the scandal they pulled.</quote> All those banks probably do the same shit as Wells, Wells just got caught.</quote> ... Copied to Clipboard!
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Gravityfare 05/07/17 5:16:15 PM #9:	Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly. --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653693] in Warren Buf... [t:75321706]...</cite> <quote>Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly.</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:16:52 PM #10:	fenderbender321 posted... When you consider the size and scope of a company like WF or BOA or any of those huge banks, the scandal was really just one tiny .000001% of their entire operation. He's a smart investor. He knows WF is one of the better banks in terms of ethical behavior, especially considering how conservative they are with their lending practices, and how well they treat their employees overall. Since when is treating employees well good for business <cite>wah_wah_wah posted [p:878653725] in Warren Buf... [t:75321706]...</cite> <quote><cite>fenderbender321 posted...</cite> <quote>When you consider the size and scope of a company like WF or BOA or any of those huge banks, the scandal was really just one tiny .000001% of their entire operation. He's a smart investor. He knows WF is one of the better banks in terms of ethical behavior, especially considering how conservative they are with their lending practices, and how well they treat their employees overall.</quote> Since when is treating employees well good for business</quote> ... Copied to Clipboard!
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Gravityfare 05/07/17 5:17:24 PM #12:	fenderbender321 posted... Gravityfare posted... massive fraud across all 50 states. I think you need to research the scandal a bit. I believe the issues were happening in LA and Arizona. The money flowed across all the business units of the company and over 8000 employees were fired. I think you need to do the research All those banks probably do the same s** as Wells, Wells just got caught.* The fuck kind of train of logic is this? --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653764] in Warren Buf... [t:75321706]...</cite> <quote><cite>fenderbender321 posted...</cite> <quote><cite>Gravityfare posted...</cite> <quote>massive fraud across all 50 states.</quote> I think you need to research the scandal a bit. I believe the issues were happening in LA and Arizona.</quote> The money flowed across all the business units of the company and over 8000 employees were fired. I think you need to do the research All those banks probably do the same s*** as Wells, Wells just got caught. The fuck kind of train of logic is this?</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:17:45 PM #13:	Gravityfare posted... Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly. No it's saying, I think I'm going to make a bunch of money from this <cite>wah_wah_wah posted [p:878653780] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote>Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly.</quote> No it's saying, I think I'm going to make a bunch of money from this</quote> ... Copied to Clipboard!
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wah_wah_wah 05/07/17 5:19:04 PM #15:	Gravityfare posted... The f* kind of train of logic is this? Wells will now face way more scrutiny whereas the rest still have their scandals ahead of them. The scrutiny will probably make their product better, not worse. The 60 Minutes effect. <cite>wah_wah_wah posted [p:878653842] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote>The f* kind of train of logic is this? </quote> Wells will now face way more scrutiny whereas the rest still have their scandals ahead of them. The scrutiny will probably make their product better, not worse. The 60 Minutes effect.</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:20:26 PM #16:	fenderbender321 posted... wah_wah_wah posted... fenderbender321 posted... When you consider the size and scope of a company like WF or BOA or any of those huge banks, the scandal was really just one tiny .000001% of their entire operation. He's a smart investor. He knows WF is one of the better banks in terms of ethical behavior, especially considering how conservative they are with their lending practices, and how well they treat their employees overall. Since when is treating employees well good for business Well it certainly plays a role in employee behavior. It also makes for good PR. For example, a business publication might run a list of companies that have the most diversity among employees, or the best benefits, and that gets published and people see that and say "wow, what a nice company". Yeah that's good, as long as it doesn't effect the bottom line <cite>wah_wah_wah posted [p:878653920] in Warren Buf... [t:75321706]...</cite> <quote><cite>fenderbender321 posted...</cite> <quote><cite>wah_wah_wah posted...</cite> <quote><cite>fenderbender321 posted...</cite> <quote>When you consider the size and scope of a company like WF or BOA or any of those huge banks, the scandal was really just one tiny .000001% of their entire operation. He's a smart investor. He knows WF is one of the better banks in terms of ethical behavior, especially considering how conservative they are with their lending practices, and how well they treat their employees overall.</quote> Since when is treating employees well good for business</quote> Well it certainly plays a role in employee behavior. It also makes for good PR. For example, a business publication might run a list of companies that have the most diversity among employees, or the best benefits, and that gets published and people see that and say "wow, what a nice company".</quote> Yeah that's good, as long as it doesn't effect the bottom line</quote> ... Copied to Clipboard!
Gravityfare 05/07/17 5:20:35 PM #17:	No it's saying, I think I'm going to make a bunch of money from this Okay. Go walk into a bank and say "I think I'm going to make a bunch of money from this" then pull out a gun, and yell EVERYBODY HANDS IN THE FUCKING AIR! THIS IS A STICK UP! I mean it's illegal and corrupt but god dayum the Ferrari you buy will look so nice, brah. --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878653928] in Warren Buf... [t:75321706]...</cite> <quote> No it's saying, I think I'm going to make a bunch of money from this Okay. Go walk into a bank and say "I think I'm going to make a bunch of money from this" then pull out a gun, and yell EVERYBODY HANDS IN THE FUCKING AIR! THIS IS A STICK UP! I mean it's illegal and corrupt but god dayum the Ferrari you buy will look so nice, brah.</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:21:52 PM #18:	Gravityfare posted... No it's saying, I think I'm going to make a bunch of money from this Okay. Go walk into a bank and say "I think I'm going to make a bunch of money from this" then pull out a gun, and yell EVERYBODY HANDS IN THE FUCKING AIR! THIS IS A STICK UP! I mean it's illegal and corrupt but god dayum the Ferrari you buy will look so nice, brah. lol I'm not sure if this was supposed to be a serious point or a joke. Because as a joke it's funny. <cite>wah_wah_wah posted [p:878654004] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote> No it's saying, I think I'm going to make a bunch of money from this Okay. Go walk into a bank and say "I think I'm going to make a bunch of money from this" then pull out a gun, and yell EVERYBODY HANDS IN THE FUCKING AIR! THIS IS A STICK UP! I mean it's illegal and corrupt but god dayum the Ferrari you buy will look so nice, brah.</quote> lol I'm not sure if this was supposed to be a serious point or a joke. Because as a joke it's funny.</quote> ... Copied to Clipboard!
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Gravityfare 05/07/17 5:22:25 PM #20:	wah_wah_wah posted... Wells will now face way more scrutiny whereas the rest still have their scandals ahead of them. The scrutiny will probably make their product better, not worse. The 60 Minutes effect. That's the most cynical, most ridiculous way to invest your money as a person lmfao. "Let's see...ohh Proctor and Gamble is down $3 a share today what a great bargain...but...well, they could have a giant sexual harassment scandal next week that I should probably be afraid of and change my behavior over. Despite it not happening yet." --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878654034] in Warren Buf... [t:75321706]...</cite> <quote><cite>wah_wah_wah posted...</cite> <quote> Wells will now face way more scrutiny whereas the rest still have their scandals ahead of them. The scrutiny will probably make their product better, not worse. The 60 Minutes effect.</quote> That's the most cynical, most ridiculous way to invest your money as a person lmfao. "Let's see...ohh Proctor and Gamble is down $3 a share today what a great bargain...but...well, they could have a giant sexual harassment scandal next week that I should probably be afraid of and change my behavior over. Despite it not happening yet."</quote> ... Copied to Clipboard!
asdf8562 05/07/17 5:22:47 PM #21:	Gravityfare posted... Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly. I have to disagree. Not everyone sides with a companies values if its going to make them money. Just because a company did wrong, doesnt mean I should take a vow of poverty if I know putting money in said stock would bring me loads of cash in the future. It doesnt mean I support what the company did though. Now granted Buffet wouldnt be taking a vow of poverty, but that is besides my point. I get where you are coming from, I just disagree though. Wells Fargo landed themselves into big trouble(that I agree was bad). However I, like Warren Buffet knows, Wells Fargo will most definitely bounce back from this. So its economically smart to keep your stocks in Fargo. <cite>asdf8562 posted [p:878654056] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote>Honestly dont see whats so awful here. Unless Buffet was a part of the scandal, whats the problem here. Investing your money in something is directly saying i stand behind this product or company... Holding 10% of a giant bank and standing behind a massive worldwide fraud of over 5 years as saying "I mean we're still one hell of a great stock to buy!" is... yeah. cowardly.</quote> I have to disagree. Not everyone sides with a companies values if its going to make them money. Just because a company did wrong, doesnt mean I should take a vow of poverty if I know putting money in said stock would bring me loads of cash in the future. It doesnt mean I support what the company did though. Now granted Buffet wouldnt be taking a vow of poverty, but that is besides my point. I get where you are coming from, I just disagree though. Wells Fargo landed themselves into big trouble(that I agree was bad). However I, like Warren Buffet knows, Wells Fargo will most definitely bounce back from this. So its economically smart to keep your stocks in Fargo.</quote> ... Copied to Clipboard!
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Gravityfare 05/07/17 5:23:18 PM #23:	Wells Fargo employs 275,000 people. That's like 3% of their employees. That's like if a local restaurant found out ONE of their servers was over-charging customers for beverages. I'm not sure if you're trying to make my point or argue against it - but 3% of a workforce of 300,000 people is a shitload of people. --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878654089] in Warren Buf... [t:75321706]...</cite> <quote> Wells Fargo employs 275,000 people. That's like 3% of their employees. That's like if a local restaurant found out ONE of their servers was over-charging customers for beverages. I'm not sure if you're trying to make my point or argue against it - but 3% of a workforce of 300,000 people is a shitload of people.</quote> ... Copied to Clipboard!
wah_wah_wah 05/07/17 5:26:04 PM #24:	Gravityfare posted... That's the most cynical, most ridiculous way to invest your money as a person lmfao. Investing money idealistically sounds like a good way to go fucking broke. The stock market is not a petting zoo. Gravityfare posted... "Let's see...ohh Proctor and Gamble is down $3 a share today what a great bargain...but...well, they could have a giant sexual harassment scandal next week that I should probably be afraid of and change my behavior over. Despite it not happening yet." I have no idea what point you're trying to make here. <cite>wah_wah_wah posted [p:878654271] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote> That's the most cynical, most ridiculous way to invest your money as a person lmfao. </quote> Investing money idealistically sounds like a good way to go fucking broke. The stock market is not a petting zoo. <cite>Gravityfare posted...</cite> <quote>"Let's see...ohh Proctor and Gamble is down $3 a share today what a great bargain...but...well, they could have a giant sexual harassment scandal next week that I should probably be afraid of and change my behavior over. Despite it not happening yet." </quote> I have no idea what point you're trying to make here.</quote> ... Copied to Clipboard!
Gravityfare 05/08/17 7:28:37 PM #27:	up --- No time to freeze undercovers ease up in Grand Prix, and seize packages and pocket the currency. <cite>Gravityfare posted [p:878725411] in Warren Buf... [t:75321706]...</cite> <quote>up</quote> ... Copied to Clipboard!
Sativa_Rose 05/08/17 7:34:34 PM #28:	It's not like Buffett condoned the behavior. He owns the stock because he thinks that continuing his ownership of the underlying company is better than selling at the current price, that's it. He said that it was the wrong thing for them to have done, especially to have continued it once it became known to management. It doesn't mean he should be forced to sell his stake in a business that continues to operate just because they fucked up badly and were penalized for it by the authorities. --- I may not go down in history, but I will go down on your sister. <cite>Sativa_Rose posted [p:878725781] in Warren Buf... [t:75321706]...</cite> <quote>It's not like Buffett condoned the behavior. He owns the stock because he thinks that continuing his ownership of the underlying company is better than selling at the current price, that's it. He said that it was the wrong thing for them to have done, especially to have continued it once it became known to management. It doesn't mean he should be forced to sell his stake in a business that continues to operate just because they fucked up badly and were penalized for it by the authorities.</quote> ... Copied to Clipboard!
Balrog0 05/08/17 7:40:12 PM #29:	Gravityfare posted... Investing your money in something is directly saying i stand behind this product or company... citation needed I thought the whole reason we had limited liability is because an investment is not the same thing as saying you stand behind a product or company you only stand behind that product or company insofar as it stands to make you a profit, and even then your personal relationship with the corporation is severely truncated such that you might have a say but not culpability --- He would make his mark, if not on this tree, then on that wall; if not with teeth and claws, then with penknife and razor. <cite>Balrog0 posted [p:878726146] in Warren Buf... [t:75321706]...</cite> <quote><cite>Gravityfare posted...</cite> <quote>Investing your money in something is directly saying i stand behind this product or company...</quote> citation needed I thought the whole reason we had limited liability is because an investment is not the same thing as saying you stand behind a product or company you only stand behind that product or company insofar as it stands to make you a profit, and even then your personal relationship with the corporation is severely truncated such that you might have a say but not culpability</quote> ... Copied to Clipboard!
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Current Events > Warren Buffett/BH own 10% of Wells Fargo. Almost a 'bank holding company' (+) Yeah! (+)

Current Events > Warren Buffett/BH own 10% of Wells Fargo. Almost a 'bank holding company'