Follishness versus Knavery

Reader comment on: Clinton Pal Buffett Made Billions Amid Wells Fargo Fraud

Submitted by David Weinkrantz (United States), Oct 16, 2016 17:26

Warren Buffett may have been foolish to purchase Wells Fargo stock for himself and to to authorize its purchase by Berkshire Hathaway.

However, he may not have had access to any information about about the ongoing wrongdoings at Wells Fargo. Though management received internal complaints from employees about the sham accounts, it may not have shared that information with the members of the Board of Directors.

So Obama, Clinton and Warren should only criticize Buffett for his overconfidence in Stumpf, but castigate Stumpf for apparently failing to actively pursue the accusations of his own employees.

Also Wells Fargo's Internal Audit department and outside CPA firm should be investigated. Were they aware of the employee complaints? If not, why not?

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