Banking

Buffett Staying Mum On Wells Scandal

What does famed investor Warren Buffett, the largest shareholder (via his investment vehicle, Berkshire Hathaway) of Wells Fargo, intend to do about the bank and what does he think about the bank’s latest imbroglio?

He ain’t saying.

According to Fox Business, Buffett said that he will not weigh in on the scandal rocking the bank, or his investor intentions, until November. And speaking of November, Buffett also will not comment on the presidential election.

During his commentary to Fox, Buffett stated: “If I start commenting on that or anything else, it will lead down too many paths, so I will wait until November to speak about it, the election or any other subject.”

Berkshire Hathaway has a stake equal to a little under 10 percent of Wells Fargo and also has applied to the Federal Reserve for the OK to raise that stake. Seeking Alpha noted that, two-and-a-half decades ago, the billionaire investor took the helm of Salomon Brothers amid ethical violations at that firm.

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