Wells instituted a system in which sales goals "incentivized the wrong type of behavior", Buffet said Saturday at Berkshire's annual meeting in Omaha, Neb. "The main problem was they didn't act when they learned about it", he said of Well Fargo.
Buffett often calls on the U.S. to do more to help the working class and has said the tax system is tilted to benefit rich people like him, a point he pressed on Saturday.
Mr. Buffett sends CEOs a letter every two years reminding them of the company's values and asking them to recommend in writing who their successors should be, he said in his 2010 shareholder letter.
Mr. Buffett went out of his way Saturday to praise Berkshire's managers, as he usually does.
"It's a very, very, very valuable product to people that build their lives around it".
"I don't think there's any question about that coal is going to go down as a percentage of revenue significantly".
"They have followed the standard capitalist formula ... of trying to do the same business with fewer people", Buffett said.
Buffett says Wells Fargo didn't act promptly when it discovered the problem.
Berkshire said its insurance businesses swung to a $267 million underwriting loss from a year-earlier profit of $213 million.
With big slugs of Berkshire Hathaway's portfolio struggling, including Wells Fargo and IBM, returns are converging with the S&P 500.
Today, one share of Amazon can be bought for $934.15.
Buffett also defended one of his favorite business partners of late, 3G Capital, a Brazilian investment firm that has backed both Kraft Heinz and Burger King.
Buffett also raised the possibility Berkshire could pay its first dividend since 1967, if "reasonably soon, even while I'm around", the company had too much cash it could not reasonably deploy.
Buffett said "it's bad" when airline executives get hauled before Congress, as Munoz and others were last week, but said the strategy behind his airline investments remains unchanged.
Given Berkshire's incredible growth in intrinsic value (and share price) over the years, it's clear that Warren Buffett passes that test with flying colors.
Buffett is the celebrity that everyone wants to get close to at the meeting.
Buffett has often said he avoided tech stocks in the past because he didn't really understand how they were making money and whether they would be able to do so over the long term.
The proposal on political contributions, which won less than 11 percent of votes cast, was similar to proposals offered at many companies and came from Clean Yield Asset Management on behalf of shareholders Tom Beers and Mary Durfee.
The iPhone 8 will reportedly introduce a 5.8-in., edgeless OLED display with minimal bezels said to measure in at just 4mm. Although he believes that this delay won't undermine the actual demand as long as the iPhone 8 lives up to the hype.
He said he was " mildly nauseous " at the thought of having swayed the election but also said he would do the same again. Sessions advised Trump's campaign before being picked by the president to lead the Justice Department.
Arsene Wenger claims he would "love" to keep Lucas Perez at Arsenal this summer - provided he is still in charge of the club. His team plays away at Southampton on Wednesday needing a win to stay in contention for a top-four finish.
The announcement comes one week before Turkish President Recep Tayyip Erdogan is scheduled to visit Washington and meet Trump. An Erdogan adviser, Ibrahim Kalin, met on Tuesday with Thomas Shannon, the State Department No. 2 official.
Perhaps even more interesting, racial disparities continue to thrive, even with the-albeit slowly-falling unemployment rate. The Bureau of Labor Statistic releases jobs figures for each month on the first Friday of the month that follows.
Sinclair Broadcast Group announced Monday that it will acquire Tribune Media in a deal valued at $3.9 billion. Sinclair Broadcast Group , one of the nation's largest local TV station operators, wants to get even bigger.
The announcement of Dale Earnhardt Jr .'s retirement following the 2017 season sent shock waves through the NASCAR community. Dale Jr., who will turn 43 in October, made his first career Cup Series start on May 30, 1999, at Charlotte Motor Speedway.
A return for " Idol " had been rumored for months, and Fremantle reportedly entertained offers from NBC and Fox. I had no idea that it was being talked about to come here until late last week. "I say "yes" and bow to you".
Correa-Carmenaty was sentenced Monday to 45 years in prison for his role in a botched robbery in March 2016. Morgan was rushed to the hospital following the incident and expected to make a full recovery.
Trump preparing certified letter attesting to no Russia ties
Yates called McGahn first thing that morning to tell him she had "a very sensitive matter" that had to be discussed face to face. Ask Sally Yates, under oath, if she knows how classified information got into the newspapers soon after she explained it to W.H.
Trump moves to get more conservatives on federal bench
Of course, some critics of the Gorsuch nomination insisted that part of the problem was how the judge came to Trump's attention. The White House did not immediately make available the full list of judges Trump picked to serve on federal courts.
Inspired Alves leads Juventus into Champions League final
The German midfielder is likely to be straight back into the starting lineup, with Claudio Marchisio expected to make way for him. Juventus are heading for their sixth successive Serie A title and produced an utterly clinical display in the first leg.
Hertz reports 1Q loss
Hertz said net vehicle depreciation per auto rose 15 percent in the first quarter. 2,322,237 shares of the company traded hands. The Company's services consist of its automotive and mobile navigation platform and its advertising delivery platform.
Saudi Arabia hopes to extend oil cuts to end-2017 or longer
Now, Saudi Arabia's oil minister has said that they're trying to extend the cut even further, perhaps even moving into 2018. The EIA forecast that USA oil demand for 2017 will grow 290,000 bpd, up from its previous forecast for 250,000 bpd growth.