Berkshire, Warren Buffett, OCC discussed on Here & Now

Here & Now
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I am one of the greatest wimps of all time and when it was a money manager i love cash because i think it can really sue you if things go wrong so i don't think it's a bad thing to have cash and none of us is an investor like warren buffett who is investing for one hundred years in the future essentially so buffet also spoke about wells fargo which last month agreed to a billion dollar fine for charging people for car insurance that didn't need among other things the fed also find the bank earlier this year over those millions of fake bank accounts that employees had created berkshire owns a nine percent stake in wells fargo in this weekend warren buffett said he standing by the bank yeah i don't get that because he says that this is an embattled management team and and that he sticking with them and he said i see no reason why wells fargo is a company both an from an investor standpoint and a moral standpoint is in any way inferior to the other big banks with which it competes i would think that regulators at the occ and the fed might question that as you mentioned a number of finds have come through federal regulators back in february actually made an unprecedented move slapping the bank with sanctions for widespread consumer abuses and it doesn't appear that the bank is really clean things up that much and just recently we had the department of justice and looking at how wells fargo's board and what they knew about whether the bank made inappropriate recommendations to customers about four one case i think this place is a hot mess and i'm not sure why buffett and munger is sticking with it now buffet is eighty seven and a lot of people wondering who's gonna take over for him afterwards did we get any more detail about that you know i think that everyone's looking for this is like the quintessential question on over the weekend he said that i've been semi retired for decades ha ha ha and i think that is a ha ha ha that's quite overstated he is true sixty percent of the business units now directly report to ajit jane and greg able they've been known as sort of the two contenders to be this.

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