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".

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