5 ms·

Go Elizabeth Warren! Without her prodding, I am sure this would never have happened. He was very happy with firing the 5k employees and not taking any blame on

Go Elizabeth Warren! Without her prodding, I am sure this would never have happened. He was very happy with firing the 5k employees and not taking any blame on himself for what was essentially his push.

droopybuns 10y ago
Prodding? What investigating did she do?
- epistasis 10y ago
  What does investigating have to do with prodding? Meanwhile, she prodded pretty heavily in those congressional hearings...
- lobster_johnson 10y ago
  https://www.google.com/amp/s/www.yahoo.com/amphtml/news/how-elizabeth-warren-used-a-new-congressional-power-to-punish-wells-fargo-193310805.html https://www.google.com/amp/s/www.yahoo.com/amphtml/news/how-...
  - loeg 10y ago
    Ugh, Amp mucking with URLs. Real link: https://www.yahoo.com/news/how-elizabeth-warren-used-a-new-congressional-power-to-punish-wells-fargo-193310805.html https://www.yahoo.com/news/how-elizabeth-warren-used-a-new-c...
- Bud 10y ago
  Uh, she invented the entire fucking government agency that polices this crap, absent which, there would be nothing.
kaonashi 10y ago
I'll save my you go girl for when he's in jail.
shill 10y ago
I suspect Warren Buffet may have pushed for Stumpf's resignation/termination, as well as other damage control measures. This is a similar situation to the Solomon scandal, although Buffet has a smaller stake in WFC.
- bogomipz 10y ago
  Was WF one the banks he took a stake in after the 2008 crisis?
  - tedmiston 10y ago
    From an article last month [1]: > Berkshire Hathaway (BRKB) owns nearly 470 million shares of Wells Fargo (WFC), a 9.5% stake. Buffett also personally owns a little more than 2 million shares in the bank. The combined value of that investment has dropped by nearly $1.5 billion since Friday. I could see why he might be upset. [1]: http://money.cnn.com/2016/09/14/investing/warren-buffett-berkshire-hathaway-wells-fargo-fake-account-scandal/ http://money.cnn.com/2016/09/14/investing/warren-buffett-ber...
    - x0x0 10y ago
      I would also suggest Buffett is very focused on his reputation, and doesn't want to be seen tolerating behavior like this. From one of his letters to his managers: We can't be perfect but we can try to be. As I've said in these memos for more than 25 years: "We can afford to lose money — even a lot of money. But we can't afford to lose reputation — even a shred of reputation." We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly but intelligent reporter. http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethics-we-cant-afford-to-lose-reputation/ http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethi...
    - bogomipz 10y ago
      Indeed, thats a lot of wealth that has evaporated in a short period of time. Interesting, from your link: "In fact, Berkshire Hathaway filed papers with the Federal Reserve this year for approval to boost its stake in Wells Fargo beyond 10%"

droopybuns 10y ago

Prodding? What investigating did she do?

epistasis 10y ago
What does investigating have to do with prodding? Meanwhile, she prodded pretty heavily in those congressional hearings...
lobster_johnson 10y ago
https://www.google.com/amp/s/www.yahoo.com/amphtml/news/how-elizabeth-warren-used-a-new-congressional-power-to-punish-wells-fargo-193310805.html https://www.google.com/amp/s/www.yahoo.com/amphtml/news/how-...
- loeg 10y ago
  Ugh, Amp mucking with URLs. Real link: https://www.yahoo.com/news/how-elizabeth-warren-used-a-new-congressional-power-to-punish-wells-fargo-193310805.html https://www.yahoo.com/news/how-elizabeth-warren-used-a-new-c...
Bud 10y ago
Uh, she invented the entire fucking government agency that polices this crap, absent which, there would be nothing.

kaonashi 10y ago

I'll save my you go girl for when he's in jail.

shill 10y ago

I suspect Warren Buffet may have pushed for Stumpf's resignation/termination, as well as other damage control measures. This is a similar situation to the Solomon scandal, although Buffet has a smaller stake in WFC.

bogomipz 10y ago
Was WF one the banks he took a stake in after the 2008 crisis?
- tedmiston 10y ago
  From an article last month [1]: > Berkshire Hathaway (BRKB) owns nearly 470 million shares of Wells Fargo (WFC), a 9.5% stake. Buffett also personally owns a little more than 2 million shares in the bank. The combined value of that investment has dropped by nearly $1.5 billion since Friday. I could see why he might be upset. [1]: http://money.cnn.com/2016/09/14/investing/warren-buffett-berkshire-hathaway-wells-fargo-fake-account-scandal/ http://money.cnn.com/2016/09/14/investing/warren-buffett-ber...
  - x0x0 10y ago
    I would also suggest Buffett is very focused on his reputation, and doesn't want to be seen tolerating behavior like this. From one of his letters to his managers: We can't be perfect but we can try to be. As I've said in these memos for more than 25 years: "We can afford to lose money — even a lot of money. But we can't afford to lose reputation — even a shred of reputation." We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly but intelligent reporter. http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethics-we-cant-afford-to-lose-reputation/ http://blogs.wsj.com/deals/2011/03/31/warren-buffett-on-ethi...
  - bogomipz 10y ago
    Indeed, thats a lot of wealth that has evaporated in a short period of time. Interesting, from your link: "In fact, Berkshire Hathaway filed papers with the Federal Reserve this year for approval to boost its stake in Wells Fargo beyond 10%"