Image Credit: Carol Highsmith, “1880 Town, Murdo, South Dakota” (2009), Library of Congress
By Rachel Louise Ensign and Jason Zweig | Updated May 3, 2019 11:22 a.m. ET
Berkshire Hathaway Inc. Vice Chairman Charlie Munger thinks Timothy Sloan should still be running Wells Fargo & Co.
In an interview with The Wall Street Journal, Mr. Munger blamed Mr. Sloan’s predecessors for the string of scandals that have badly damaged the bank’s reputation. Berkshire, which holds its festival-like annual meeting Saturday, is Wells Fargo’s largest shareholder.
“He’s a very good bank lender,” Mr. Munger said of Mr. Sloan, who stepped down in March. “All these banks are using the government’s credit to get the money, and all of them will tend to make stupid loans. So when you get a good lender, that’s the last person you want to throw out. I would have kept Sloan, myself, but nobody asked me.”...
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For further reading:
Peter D. Kaufman (ed.), Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger
Jason Zweig, The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money
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