Buffett Loses 1.4 Billion over Wells Fargo

O

oldnemesis

http://www.bloomberg.com/news/artic...1-4-billion-as-wells-fargo-tumbles-on-scandal

http://www.forbes.com/sites/patrick...l-shows-next-bank-crisis-coming/#6ce75f5f69ec

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/

As usual, the senior executive remained protected while lower level employees took it on the chin.

http://www.nytimes.com/2016/09/15/opinion/in-wells-fargo-scandal-the-buck-stopped-well-short.html

"So, as in most banking scandals, lower- and midlevel employees face repercussions, but senior executives are whisked out of harm’s way, with their reputations and full stock awards intact. For Ms. Tolstedt, that could be as much as $125 million.

http://stockcharts.com/h-sc/ui?s=wfc
 
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I thought WFC was going to bounce back down anyway as it having trouble getting to $52 since early January, I have weekly in downtrend, it might break to new lows.
 
At a '91 House Energy and Commerce committee meeting, he said:

“Lose money for the firm and I will be understanding, lose a shred of reputation for the firm and I will be ruthless,”

I guess ruthless doesn't include selling the stock.
 
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