Image Credit: Carol Highsmith, “1880 Town, Murdo, South Dakota” (2009), Library of Congress
By Rachel Louise EnsignÂ 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 runningÂ Wells FargoÂ & Co.
In an interview with The Wall Street Journal, Mr. Munger blamed Mr. Sloanâs predecessors for the string of scandals that have badly damaged the bankâs reputation. Berkshire, which holds its festival-like annual meeting Saturday, is Wells Fargoâs largest shareholder.
âHeâs a very good bank lender,â Mr. Munger said of Mr. Sloan, whoÂ stepped down in March. âAll these banks are using the governmentâs credit to get the money, and all of them will tend to make stupid loans. So when you get a good lender, thatâs 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,Â The Devilâs Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money
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