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Berkshire's Munger urges regulators to ease up on Wells Fargo [Reuters]

DAILY JOURNAL (DJCO)  More Company Research Source: Reuters
US:NASDAQ Investor Relations: dailyjournal.com
PDF Berkshire's Munger urges regulators to ease up on Wells Fargo | Reuters 3 Min Read Feb 14 (Reuters) - Charlie Munger, the longtime business partner of fellow billionaire Warren Buffett, said on Wednesday it is time for regulators to “let up” on Wells Fargo & Co , which was barred this month from asset growth until it addresses a series of problems. Munger spoke at the annual meeting of Daily Journal Corp , the Los Angeles-based newspaper publisher he chairs. CNBC broadcast the meeting on its website. Daily Journal typically draws little attention from investors. But its star attraction was Munger, 94, who has been vice chairman at Buffett’s Berkshire Hathaway Inc for four decades. Berkshire owns close to 10 percent of Wells Fargo. “Of course, Wells Fargo had incentive systems that were too strong in the wrong direction, and of course they were too slow in reacting properly to bad news,” but it will “end up better off” for having made those mistakes, Munger said. “I think it’s time for [Read more]

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