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Warren Buffett: Wells Fargo shareholders would be 'a lot better off' if it addressed problems sooner
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Berkshire has been selling its stake in Wells Fargo, and Buffett said the bank is a “classic in terms of one lesson,” which is that the company should have attacked its phony accounts scandal “immediately.” “They had an obviously very dumb incentive system,” Buffett said. “The big thing is they ignored it when they found out about it.” Buffett said shareholders would be “a lot better off” if the bad practices weren’t ignored, which was a “total disaster.”
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