Wells Fargo says agrees with Warren Buffett and is fixing its problems

The Trump administration's healthcare bill would repeal most of the taxes that paid for Obamacare, which is formally known as the Affordable Care Act.

Saturday's votes were expected because Buffett, who controls 32.7 percent of Berkshire's voting power, opposed the proposals, and Berkshire's board also recommended votes against them. The bank said last fall that its employees opened up 2 million bank accounts without customer approval to meet unrealistic sales goals.

Wells Fargo had a sales structure that clearly led employees to do bad things, according to Buffet.

Buffett had harsh words for Wells Fargo's managers who failed to respond promptly to the sales practices scandal that cost the former CEO his job previous year.

Buffett and Munger took questions after the traditional shareholder movie, and after Buffett had roamed a nearby exhibit hall featuring products from Berkshire companies.

Berkshire owns about 473 million shares of Wells Fargo.

"They actually have to do something", Buffett said.

'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton a year ago.

Buffett likened the situation to Salomon Brothers Inc, where in 1991 he was installed as chairman to clean up a mess after the former chief executive failed to tell regulators a trader was submitting fake bids at Treasury auctions.

Buffett said he is "no teenager tech nerd" when it comes to knowing all about technology but he did demonstrate his interest in the field of artificial intelligence (AI) during the AGM.

"We need a money mind as CEO", said Buffett, who has no plans to retire.

It's hard to say exactly how much Berkshire Hathaway would benefit from a major tax cut.

Buffett also faced other questions about business decisions. That kept Berkshire from losing money in the dot-com stock bubble that burst in 2000, but it also meant missing the chance to invest in Google. "I think it's absolutely essential to America that we become more productive, because that's the only way we increase consumption per capita".

Legendary investor Warren Buffett said his sale of about one-third of his stake in IBM doesn't make him nervous about his recent $20bn investment in Apple.

Every year, tens of thousands of investors descend on Omaha, Nebraska, to attend the annual meeting of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, and hear directly from the billionaire.

He believes that will help Berkshire avoid scandals like the one that hurt Wells Fargo a year ago. It's the largest shareholder in businesses including Wells Fargo, Delta Air Lines and Coca-Cola. We very much like this behavior because we believe the repurchased shares have in most cases been underpriced.

At his annual Omaha gala, the Oracle gave a well-deserved shout-out to Vanguard's founder.

The executives who run Berkshire subsidiaries look forward to the meeting just as the shareholders do.

"We would have invested an additional $15 billion, and 3G an additional $15 billion, if a friendly agreement had been reached", Buffett said.

"If [a nuclear attack] ever happens, there'll be more to worry about than the price of Berkshire", Buffett noted. Buffett's Vice Chairman Charlie Munger is 93. While Buffett met Mr. Peanut at the Kraft Heinz booth, Miami Dolphin Ndamukong Suh wandered a few feet away without a crowd.

At the annual meeting of his Berkshire Hathaway, he again pressed the argument that, in aggregate, investment professionals aren't worth their fees - and that people would be better off sticking their money in a low-priced index fund.

The annual meeting is the main event of a weekend of events that Buffett calls "Woodstock for Capitalists".

Related News:

  • Uber and Waymo face off in court over stolen self-driving tech

    Uber and Waymo face off in court over stolen self-driving tech

    Levandowski left Waymo in January 2016 to start autonomous truck company Otto, which Uber bought for $680 million in August 2016. In the fight over the future of self-driving vehicles, a bare-knuckled brawl between Uber and Waymo is coming to a head.

    VIDEO Blumenthal Calls for Special Prosecutor to Investigate Huma Abedin

    Three Democratic members of that committee objected strongly to this decision by Comey. Comey drove home again that he wouldn't have handled things any differently.
    Oil tumbles amid oversupply fears, unlikelihood of deeper Opec cuts

    Oil tumbles amid oversupply fears, unlikelihood of deeper Opec cuts

    Oil prices sunk further in morning trade on Friday, falling on from Thursday's 5 percent drop caused by fears of another oil glut. Crude prices spiked and many predicted a speedy return to $60-plus prices as excess supply would finally be drained.
  • Call Of Duty: Black Ops 3 Zombies Chronicles Details Leak

    Call Of Duty: Black Ops 3 Zombies Chronicles Details Leak

    Treyarch will host a special stream event on Monday at 11 am PDT / 7 pm BST to share more details about Zombies Chronicles . The decrypted message also mentioned that the new DLC will be released on PlayStation 4 first.
    Apple posts 'record' March quarter in India, China slows

    Apple posts 'record' March quarter in India, China slows

    He also said in a statement that the firm has noted " great customer response" to both models of the new iPhone 7. Meanwhile Apple Mac sales rose from 4 million a year ago to 4.2 million (in line with analyst expectations).
    Trump to meet with Colombian president at White House

    Trump to meet with Colombian president at White House

    President Donald Trump is expected to sign the Omnibus Appropriations Act on Friday at the latest, averting a government shutdown. It's a bipartisan, $1.1 trillion spending bill to keep the government running pretty much as-is through September.
  • Penn State Beta Theta Pi Members Charged for Timothy Piazza's Death

    The next morning, he fell down the stairs again and was unconscious when help was finally summoned. While the charges were being announced for this horrendous incident, Piazza's parents stood by.
    Arsenal vs United: Five Talking Points

    Arsenal vs United: Five Talking Points

    I'd be surprised if Mesut Ozil caused any of United's players a moment's concern. We have got the belief and the manager believes in us to get there.

    Hamas says Ismail Haniyeh chosen as Islamic group's leader

    However, Hamas officials said the document in no way amounts to recognition of Israel as demanded by the worldwide community. Militant Palestinian group Hamas has elected a new leader , further hinting the organization is trying to soften its image.
  • MTV celebrates summer viewing season with Movie & TV Awards

    MTV celebrates summer viewing season with Movie & TV Awards

    A few minutes later, well-heeled stars and their handlers scrambled for cover from a downpour, deserting the carpet. They included award nominee RuPaul, who joked that he was on hand "to find my next job".
    Israeli Cabinet committee pushes bill that downgrades Arabic

    Israeli Cabinet committee pushes bill that downgrades Arabic

    Palestinian President Mahmoud Abbas has characterised such "nation-state" legislation as putting "obstacles in the way of peace". The danger in this law in that is establishes two classes of citizen - Jewish and Arab", he said in the statement.
    Senators must rediscover identity to rebound vs. Rangers

    Senators must rediscover identity to rebound vs. Rangers

    The Rangers' fourth-line centre scored two goals in a 4-1 Game Four win against Ottawa, as NY tied the series at two wins apiece. The best playoff teams can roll four lines pretty evenly without worry and lately the New York Rangers have been able to do that.


Most liked

Reporters barred from Kushner Companies' visa-for-investment event in China
Later, as investors started leaving the ballroom, organizers physically surrounded attendees to stop them from giving interviews. Kushner has promised to recuse himself from any administration decisions about the future of the program, a spokesman said.

Sharks drug arrest 'disappointing': CEO
Meanwhile Bromwich and Proctor's names were reportedly mentioned in a court case in Canberra on Saturday morning, according to the ABC.

Fowler Looks the Part at Kentucky Derby
Always Dreaming , according to his owner , is so named for the ambition and willingness to dream big in the horse racing business. He had two other starters in the race, Tapwrit, who finished sixth, and Patch , the one-eyed horse who finished 14th.

Rangers top Senators 4-1, tie series 2-2
Hagelin was able to deftly direct the puck from his skate to his stick and fired a wrister that deflected off Holtby and in. And I'd love to see the team make like LMFAO and pump the shots, shots, shots (everybody).

Warriors stars Kevin Durant and Stephen Curry love the word kerfuffle
Interim head coach Mike Brown also credited the communication between players, led by Green, for their defensive prowess. The game's final act belonged to Durant, though, who appeared to relish his opportunity to play closer on the road.

Voters kick Ukip out of 146 seats and its eastern heartland
Many party supporters had been in touch when the election was called to say "this time we have to support Theresa May" to secure Brexit, he said.

50000 evacuated in Hanover, Germany, over World War II bombs
Allied planes bombed Hannover heavily during the war, killing thousands and destroying much of the city, the BBC reported. And so, cities were rebuilt and life went on over thousands of ordnances that are still able to wreak havoc.

Asian development lender takes stock as US policy shifts
He will also attend the Investors' Round Table Session organised by Confederation of Indian Industry (CII) and Kotak Bank in Tokyo.

Facebook to add 3000 to monitor flagged content
The social network giant is reportedly developing nearly two dozen original shows which will premiere as early as mid-June. According to a new report , Facebook is going to make its move into the premium TV-like show segment next month.

Selena Gomez Announces '13 Reasons Why' Second Season
The show will pick up in the aftermath of Hannah's shocking death, following the other characters as they start to recover. The show premiered on Netflix back in March and quickly became one of the most talked about shows of this year.

Trump's Obamacare victory is symbolic - but is it hollow?
Atop Democratic target lists for 2018 are the 23 Republicans who sit in districts that were won by Hillary Clinton last November. Some say this new development could lead to another health care battle later on in the house-causing even more concern for many.

Salman Khan Films showcases the year's most awaited teaser to fans first!
The teaser trailer of his highly-anticipated movie " Tubelight " has been released and it is all that you have been waiting for. Director Kabir Khan had hosted a special screening of the teaser for fans, who were selected through a contest.

Poll finds 66 percent of Americans under 30 disapprove of President Trump
Trump's core support is zealous, but so is his opposition; 53 percent of Democrats polled said they are scared of Trump. Only 32 percent of Americans ages 18 to 29 years old say they approve of Trump's time as president so far.

U.S. employers added 211000 jobs, rate fell to 4.4 percent
And a survey of services firms this week - including restaurants, banks and retailers - showed that they are expanding steadily. Job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining.

Le Pen Takes Leave As FN Head In French Presidency Bid
The far-right Le Pen and centrist Macron both took just under a quarter of the vote in a contest with 11 candidates. But Claude Garnier, a 74-year-old retired butcher who helps his son on the market, said Le Pen would get his vote.