The Robert Rubin dance – featuring the ability to walk through a pouring rainstorm and not get wet — is being danced by Warren Buffett in connection with his investment in Wells Fargo, with a big assist from the mainstream media.
Consider that Wells Fargo agreed to pay a $185 million fine and said it had terminated "roughly 5,300 employees" in connection with opening about 2 million accounts that customers never asked for. Consider, too, that Warren Buffett's personal 2 million share stake of Wells Fargo and Berkshire Hathaway's 9.45% stake together, as recently as this summer, amounted to more than a 10% stake in the bank, making the Buffett/Berkshire combo by far the largest investor.
And then consider that the New York Times and the Wall Street Journal and Bloomberg News all somehow managed to write the news story about the fake accounts, the fine, and Wells Fargo without typing the words "Berkshire" or "Buffett." Think that omission would have happened if it were the Koch brothers instead of Mr. Buffett who were the 10% investors in WFC? It's not as if Mr. Buffett isn't politically active — one of the first moves Hillary Clinton made after the Democratic National Convention was to show up in Omaha for a campaign rally featuring Mr. Buffett. Where are the reporters combing through Mr. Buffett's past CNBC interviews, shareholder letters, and annual meeting comments for language from Mr. Buffett about how well managed and ethical Wells Fargo is?
