Buffett assails Wells Fargo, defends 3G at wide-ranging meeting

Buffett assails Wells Fargo, defends 3G at wide-ranging meeting

Warren Buffett's Berkshire Hathaway hosted its annual meeting on Saturday.

"If someone walks in with a solar project tomorrow and it takes a billion dollars or three billion dollars, we're ready to do it", he said.

"The 3G people do it very fast, and they're very good at making a business productive with fewer people", he said.

"They actually have to do something", Buffett said. In a March presentation, the firm said captial expenditure forecasts for the next two years have increased $4.6 billion from the prior year, primarily due to wind and solar energy projects.

"We agree with Mr. Buffett's comments and value Berkshire Hathaway as a long-term shareholder and customer", said Wells Fargo spokesman Mark Folk.

"They measured the seriousness of the problem by the dimensions of the fine and they thought it signaled a less offensive practice", he said.

Berkshire also owns the Burlington Northern railroad company.

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.

Warren Buffett blames the fraud scandal at Wells Fargo on a case of misplaced incentives, compounded by the "huge, huge error" of ignoring whistleblowers.

Shares of Bank of America closed Friday at $23.74.

"That is a different world than what existed in the past", he added, comparing the "capital-light" nature of Internet and cloud computing companies to the capital-intensive industrial and steel businesses that he invested in earlier in his career.

Bogle attended Berkshire's meeting Saturday after Buffett praised him in his annual letter to shareholders this year.

Buffett's remarks came a day after thousands of documents were released online targeting French presidential candidate Emmanuel Macron, before the second round of voting on Sunday. But he still didn't buy the stock. Buffett joked that if Bogle holds out for just a couple more years, he'll be old enough to qualify for an executive job at Berkshire.

Buffett also challenged, as he has in previous shareholder meetings, the 2-and-20 compensation model for hedge fund managers.

Buffett's business partner and Berkshire Hathaway vice chairman Charlie Munger regrets that decision even more. At the meeting, Buffett disclosed that, as Kraft Heinz worked on its now-dead takeover bid for the consumer products giant Unilever, Berkshire was prepared to invest $15 billion in the potential deal.

Shareholder Jerry Meyer said the exhibits are a neat way to learn about Berkshire and boost investor enthusiasm.

  • F1: Hamilton (MBZAMG), Vettel (Ferrari) and Ricciardo (Red Bull) at Barcelona

    F1: Hamilton (MBZAMG), Vettel (Ferrari) and Ricciardo (Red Bull) at Barcelona

    The next race will be held at Monaco in two weeks from today, and this is one of the most spectacular races in the F1 caravan. This allowed the Mercedes team a free pitstop where they brought Hamilton in for the soft compound tires.
    Spurs fan suing Warriors, Zaza Pachulia over Kawhi Leonard injury

    Spurs fan suing Warriors, Zaza Pachulia over Kawhi Leonard injury

    That 7-2 lead was quickly 22-10 and then 33-16 by the end of the first quarter, as the wounded Spurs wilted. "I'm disappointed. Golden State exploded in the second quarter, dropping 39 points in 12 minutes to take a 72-44 lead into the half.
    AMD updates GPU roadmap, announces Radeon Vega 'Frontier Edition'

    AMD updates GPU roadmap, announces Radeon Vega 'Frontier Edition'

    However, it does show that Vega will be built on the 14nm and 14nm+ fabrication process, before Navi makes the jump to 7nm. The Nvidia GTX 1080 can offer 11.3 TFLOPs in comparison. "[.] We're working as hard as we can to bring you Radeon RX Vega".
  • Lauded rocker Chris Cornell killed himself by hanging

    The Wayne County Medical Examiner's Office has ruled the death of musician Chris Cornell as a suicide, saying he was hanged. At one point, Cornell invites the audience to sing along, pointing his mic out into the crowd.

    Dead, 19 Injured When Car Plows Through Crowded Times Square

    Thoughts and prayers to loved ones and neighbors in the theatre district in light of this morning's vehicle crash. A vehicle that struck pedestrians in Times Square ends up on the sidewalk in New York City on Thursday.

    Celtics off to a bad start — PODCAST

    Together, the Cavs' Big Three combined for 81 points on the night. "We wanted to come in and set the tone and dictate the game". Boston Celtics (live stream online and score below) of the Western Conference Finals gets underway.
  • West Ham 'keen on signing £20m-rated Kelechi Iheanacho from Man City'

    West Ham 'keen on signing £20m-rated Kelechi Iheanacho from Man City'

    Iheanacho, 20, has been a bit-part player under Pep Guardiola this season, making 19 league appearances and scoring four goals. One deal which could go through next week is Manchester City's long-serving full-back Pablo Zabaleta to West Ham.

    White House pushes back on story Flynn notified transition about probe

    The military plan against the Islamic State stronghold was eventually approved, but not until after Flynn had been fired. Since the Russians knew that Flynn had lied to the vice president, she said, they might have leverage over him.

    Pune beat Punjab to seal IPL play-off spot

    Mumbai Indians (MI) and Rising Pune Supergiant ( RPS ) will face each other in the Qualifier 1 on May 16 at the Wankhede Stadium. Also, hitting Harbhajan for too many runs now it seems easy for the team to give competition to the opposite team.
  • Chelsea Manning Leaves Prison, Immediately Gets Documentary Movie Deal

    USA army intelligence official Ms Manning, who was born Bradley Manning, passed classified government materials to WikiLeaks . Manning, a former intelligence analyst in Iraq, has acknowledged leaking the materials, which included battlefield video.

    Trump defiant, doubting top advisers as White House in turmoil, sources say

    Lindsey Graham of South Carolina: "He's probably glad to leave town, and a lot of us are glad he's leaving for a few days". Yates was sacked soon after because, the White House said, she refused to defend the president's travel ban in court.

    A&Es 'fully open' again — NHS cyber attack

    It was not immediately clear whether those services were suspended due to attacks, or for emergency patching to prevent infection. A coal port in New Zealand shut temporarily to upgrade its systems.