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Munger says 'practically everyone' has lapses like Wells Fargo [MSN Money]

DAILY JOURNAL (DJCO)  More Company Research Source: MSN Money
US:NASDAQ Investor Relations: dailyjournal.com
PDF © Photographer: Victor J. Blue/Bloomberg/Bloomberg   (Bloomberg) -- Billionaire Charles Munger is optimistic about the future of Wells Fargo & Co. after its fake-account scandal. Popular Searches “Wells Fargo will end up better off for having made those mistakes,” Munger, 94, said Wednesday in Los Angeles at the annual meeting of Daily Journal Corp., the publisher where he’s chairman. “Of course, Wells Fargo had incentive systems that were too strong in the wrong direction, and of course they were too slow in reacting to bad news when it came. Practically everyone makes those mistakes.” A wave of controversies has dogged the San Francisco-based lender in recent months and tarnished its reputation. While the bank has made steps to address the problems, the Federal Reserve took the unprecedented step this month of limiting the company’s growth until it fixed a number of shortcomings in areas including internal oversight. Munger, who’s known [Read more]

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