Warren Buffett recently sold the entirety of his Wells Fargo stock holding from his equity portfolio, partly on account of widespread fraud within the company which he explains in more detail in this video.
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@phrozen4life Жыл бұрын
I worked for Hells Fargo before that all went down. Buffet Doesn't know the half of it, though he is correct in pointing out that It was the incentives Structuring. though instead of "Incentive" as he & the bank used to call it, it was more of a "Requirement" with the threat of your job regularly being attached to those conversations. It opened up to the door to massive gaming of the system, and violating the Vision statement by pushing products that weren't obviously right for the customer. In the end John Stumph I'm sure knew what was going on, but H.R. Dept. would dismiss anything that came across their desks, throw it back to the District Manager (The Problem) essentially ratting the person out and telling them to deal with the person that had an issue with them (I'm sure you can imagine how well that system worked) When I quit in 2013 I sent an 8 page letter to H.R outlining everything I saw and that it would catch up with them.... less than 2 years later it caught up with them.
@jeffblackard9753 Жыл бұрын
Surprised you didn’t file a whistleblower complaint and get paid by the federal government for doing so.
@davidwright1752 Жыл бұрын
That will get you jailed in Australia being whistle blower. Federal Government spent $700 million to put whistle blowers in there place. Technically if witnesses a murder and work for a hospital or government department if you report it you will be charged or sacked.
@genox3636 Жыл бұрын
Somewhere around that time, I was doing sales in their merchant services... needless to say, was very relieved to move on from that terrible environment.
@brucehutch5419 Жыл бұрын
My parents Bank starting back in the late 60s their local bank was Crocker Citizens. Wells Fargo purchase Crocker Citizens at some point.
@fastrivers812 Жыл бұрын
Hells Fargo is an accurate term. I also worked there and left just before this became news. The only thing good about working there was the salary. I worked in the same building as the collections offices on Vista Drive in West Des Moines. Once per month an ambulance would show up to the building to take a collections employee to the hospital; many for heart attacks. The company had quotas stuck to the collections job and those employees had to sell their souls to work in that department. Most people are not this unkind by nature but they were expected to intimidate customers, threaten, lie and everything else. This effected the conscious of many of those employees thus leading to stress, thus to declining health. I'm not sure which department this one individual worked at but they committed suicide in the same building after a meeting was over and the rest of the employees walked out of the meeting room. Wells Fargo swept it under the rug and somehow was able to hush the news media about questions. Wells Fargo's mantra to every employee is that "Our reputation is everything". They brag about how they sit in government committees advising politicians on policy to "protect" customers; when in reality, their goal is to create so much bureaucracy that smaller banks can't afford to keep up. The smaller banks end up selling out to who? You guessed it, Wells Fargo swoops in and buys them out. US Bank is the same way. They bragged about being inclusive only to be the biggest discriminator of any company I have ever worked with. They would purposely hire Hispanics in banks where they wanted to gain their business in that bank's community. They bragged to the community how they were helping these people out while they really wanted their business. They'd hire a token minority or LGBQ+ to be a bank manager for the same reason. Can you imagine, being hired in a role that you're not qualified for only to be used as a pawn for them to add to their bottom line? Talk about mind games. I could go on and on.
@thegodblogger3812 Жыл бұрын
Because corporations can only grow so much organically, they often resort to creative measures that stretch integrity, honesty, and good business practices.
@rustyshackle917 Жыл бұрын
You're describing every company I've ever worked for. $$$ bottom line
@geoffnewman3109 Жыл бұрын
That’s capitalism.
@thebigdividendhunter4633 Жыл бұрын
Yeah, as buffet and munger say “pigs get fat, hogs get slaughtered”
@onlythewise1 Жыл бұрын
@@geoffnewman3109 no there is good capitalism and bad capitalism, bad people leave the full truth out of both
@Dan16673 Жыл бұрын
Public ones do fot surr
@inctru Жыл бұрын
The fact that Wells Fargo has any customers at all speaks volumes about the corruption, sociopathy & apathy that has been normalized in our society over these last 43 years.
@jet4415 Жыл бұрын
I was so angry that Wells Fargo(WF) bought my refinanced mortgage. I declined escrow when I refinanced. Recently, WF sent an email that my insurance company did not send the documents supporting home insurance coverage and if I didn’t send in 45 days they would purchase more expensive insurance. This is the second year I’ve had to straighten this out. I decided to be more proactive and got on a 3 way call between my insurance company and WF. The insurance company (USAA) has all the correct WF information and they send it out every year. The WF lady didn’t know why they didn’t receive the document. (Cough, cough, BS) At the end of the conversation the lady at WF said for ME to send it in every year. 😱 I feel they would disregard my mail, email, or fax, too! My point is: how many people are unknowingly paying two insurance policies?
@Valaryant. Жыл бұрын
That is what has always and will always baffle me, how could we sink to this low. Apathy took over and buried empathy.
Wells Fargo has been a dirtbag company since for the last 20 years and only got worse when they acquired Wachovia. It's odd that anybody would invest in them.
@gregparrott Жыл бұрын
This is almost a YEAR out of date. Buffet COMPLETED his sales of Wells Fargo last May.
@emerald3331 Жыл бұрын
Wells Fargo should've been dissolved long time ago. They seem to break the law every year and have to pay a fine, while their customers keep getting screwed over. It's time to break them up and liquidate their assets.
@msmith3395 Жыл бұрын
I've banked at WF for a decades and remember the period where every time I went in they would try to 'upgrade' me to some thing or another. Nothing that ever cost me, but it definitely felt weird, gave me the bee-bee jee-bees, like I had just walked onto an used car lot with greasy-haired salesmen. Banking is supposed to be boring. People deposit their money in an account, the bank pays some sort of interest, they charge you a fee for their services, and they make loans to other people at higher rates. It's boring. Boring, boring, boring. If you want excitement, become a stock trader or stunt man.
@bennri Жыл бұрын
They had a few good people. I went into my branch early one morning and had to wait a long time to talk with May. Many others jumped up offering to help. No, we were all waiting for the same one person While I was talking with her, a younger man admonished her that her numbers were too low. What the ...? She had been working at that bank at that branch for at least 10 years, and he could see everybody is waiting to see just her.
@fmayer1507 Жыл бұрын
@@bennri The younger man was probably a manager with an MBA and it shows MBAs learn nothing about leadership or ethics. First off, you never criticize an employee in front of others, especially a customer. Second, if customers line up just to work with her, you are brain dead to admonish her since because the customer is king. The US Corporations are becoming more and more based on flawed leadership and outright corruption. Hence why so many banks are going down the tubes. The good corporations and banks stand out as rare gems when that should be the norm for the USA. Unfortunately when the Greatest Generation passed the baton, it was passed to baby boomers that stumbled more than ran with it. I am a baby boomer and I remember working for and being mentored by the real men and women of the Greatest Generation, I tried my best to emulate them but I saw the flat out drive to the bottom that has happened since the turn of the century, after 2000 and 911, everything has reverted to the corruption of the roaring twenties that brought on the Great Depression and then we re-lived it in the Great Recession and the COVID-19 Pandemic debacle. Every single crisis in the last twenty years was brought on by a lack of ethics, a lack of true moral leadership, lack of respect for others, and a plain lack of any moral compass.
@charlescushing1 Жыл бұрын
HEE-bee jee-bees, correct?
@mjsmcd11 ай бұрын
Your deposit is a loan to the bank They dont lend it out to others
@racerx6 Жыл бұрын
Good marketing for See's peanut brittle... 99 year old survives on candy!! Go Charlie.
@Sparnee Жыл бұрын
Except Charlie also said that the annual meeting is the only time in the year he eats Peanut Brittle. Warren surviving off coke seems like a better advertisement because he actually drinks it all the time.
@SilhSe Жыл бұрын
😂 first thing I noticed
@tracfoneuber Жыл бұрын
@@Sparnee Well then, he is stupid.
@tracfoneuber Жыл бұрын
@@acbulgin2 You can buy them for me.
@johnclark2212 Жыл бұрын
Wells Fargo should have prosecuted under the RICO laws, broken up and the parts sold off.
@slowery43 Жыл бұрын
campaign contributions assure that will never happen
@TeresaBrickle Жыл бұрын
Warren Buffett is a master at exercising patience. With a long-term perspective, he has stayed with the markets. This is what I'm attempting to work on as I try to learn how to ignore market news concerning inflation and other things. Currently, I have roughly $253k saved up to sell at the present low pricing. Any thoughts?
@Curbalnk Жыл бұрын
These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.
@Shultz4334 Жыл бұрын
@@Curbalnk i don't know much about the market, but based on what little knowledge I have of economic supply and demand, this is the best time to venture into the market, but the only thing holding me back is the constant fluctuations in prices, which it's not supposed to be a problem, but i really need guidance because i want to use this avenue of everything being on discount to build a portfolio that pays dividends and takes care of me in retirement.
@Shultz4334 Жыл бұрын
@Bobby Blue Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.
@Shultz4334 Жыл бұрын
@Bobby Blue Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
@NackDSP Жыл бұрын
It is impossible to sell without buying something else. The first thing you are buying is US currency. That has a guaranteed negative return equal to the rate of inflation. So decide what it is that you are about to buy that promises a better return in the future than what you currently own.
@christopherwagner2395 Жыл бұрын
The customers already knew all about that. All Buffet had to do was ask his neighbors.
@TheBooban Жыл бұрын
Would have been hilarious if he opened an account and they did it to him.
@teledoink Жыл бұрын
Talk to the regular folk? Why would he do that. To someone like Buffet it’s not a problem until it effects people like him, an important person. A real person. Poors aren’t real.
@cheswick617 Жыл бұрын
@@teledoink You do realize that Buffet is probably the most down to earth, real, Normal person, who happens to be a Billionaire in the world...Don't you? I mean the guy is one of the richest men in the world yet he and his wife actually live in a little ranch style home in Nebraska that he bought for less than $40,000.
@teledoink Жыл бұрын
@@cheswick617 You could buy a large sized home in NEBRASKA back in the 50s for $10K. So $40K in 1958 (when he bought that property) was equivalent of a mansion. My parents bought a $35K home in California in the late 70s and that’s 20 years after he bought his, and in California. You’re delusional if you think he’s not out of touch.
@jgrab1 Жыл бұрын
Yeah, I know...Shocked, SHOCKED to find gambling on the premises......
@off_mah_lawn2074 Жыл бұрын
Charlie Munger chowing down on that peanut brittle had me on the floor
@melotone3305 Жыл бұрын
Yeah, giving major props to See's. Eating at the dias like a Boss!🎉
@michaels7566 Жыл бұрын
I bank at Wells Fargo and I recently called them on their aggressive multiple account sales pitch that I eventually got ground down and agreed to 10-12 years ago and they compensated me and straitened it out. This disclosure by Warren Buffett, if it is a full one, did not explain anything in detail. Yes, when your plate is full you can get cajoled into agreeing to things because you just don't have time to think them out. Keep your eyes on any bank you deal with.
@michaels7566 Жыл бұрын
@trollolol Yes, it seems they cleaned up their act. I actually like the people I deal with there. Abandoning a bank and setting up somewhere else is a PITA. Not to give them a pass for their past misdeeds, but they did get stuck having to take over Wachovia Bank during circa 2008 which probably caused them to lose a lot of $$$. I originally banked with Wachovia during that time and I remember going into the bank then and the atmosphere was like that of a funeral home. All the employees that used to be happy were in total shock.
@georgesheffield1580 Жыл бұрын
These seem very questionable as being REAL
@michaels7566 Жыл бұрын
@@georgesheffield1580 What does, specifically?
@teledoink Жыл бұрын
I had an account with Wells Fargo for exactly 3 months in my 20s. They figured out a way to wait several days to process my deposits and automatic payments, but show that I had money in my balance, “tricking” me into thinking I was good to go to buy groceries, pay rent, go to the ATM and take cash out… etc. until I was bouncing all over the place getting bigger and bigger fees each time until I had a few hundred dollar negative balance and I finally realized this was a feature, not a flaw. Now I bank with a credit union and zero overdrafts since switching.
@deanrobbins8102 Жыл бұрын
Years ago, my parents sued Wells Fargo and had the MN AG on their side for predatory practices and won. I won't even work for a company that has their payroll go through Wells Fargo. Some banks should fail ... and Wells Fargo is one of them.
@marymccluer1630 Жыл бұрын
Great advice in so many ways. It is always better to prevent problems than deal with the fall out after they occur.
@zimmermanlandscape9287 Жыл бұрын
I invested money in Wells Fargo one time and when I got my first statement they had 25% of the portfolio in cash. As if I wanted to take a 25% discount on my returns you know just for fun.
@shawnmorrow5228 Жыл бұрын
BWAHAHA Charlie Munger chomping on the peanut brittle. Priceless!
@HeisenMannj Жыл бұрын
made me crave it
@jeffday2574 Жыл бұрын
Warren and Charlie are absolutely correct. I had my business account thru Wells Fargo and entrusted them with too much and it bit me pretty hard. Most of the issues were ethical ones and it was systemic. To say the least I was disappointed in what they did resulting in class action lawsuits. I knew folks at the bank personally and it shone a dark light on them. It's unfortunate because I feel differently about the banks now as a result.
@genox3636 Жыл бұрын
Sorry for the poor experience.. but FORTUNATELY, it shook you from your slumber about the banking system.
@jeffday2574 Жыл бұрын
@@genox3636 I simply do not keep much cash in banks anymore other than a local bank for month to month stuff. Lol of course being retired and not chasing dollars has helped. I always had a job and a business and I relied heavily on the bank to do the job ethically. In 50 years of business I had never run into this before with banks. I still get the urge to jump into business again but until this administration is out of power there is no way I will launch another business
@TacoTomtheBomb Жыл бұрын
As you should.
@MrAngelIsland Жыл бұрын
@@jeffday2574Were your businesses requiring heavy financing from the banks? More in detail, how did they screw you over? Am really curious about it.
@MrAngelIsland Жыл бұрын
@@genox3636 Yeah, it doesn’t have a spotless reputation...
@natehendricksen3338 Жыл бұрын
The primary focus is damage to the business. I might have missed where he mentioned his concern for the customers that have been ripped off.
@muhname8197 Жыл бұрын
WEF CCP WHO are all attacking the world order. Simple as that. Soros Gates etc
@waynes9275 Жыл бұрын
he does not care
@f430ferrari5 Жыл бұрын
He don’t care. Come on. Buffet is a POS. Dude puts himself on a pedestal but yet talks like he’s with you as an average Joe and we are not talking about POS Joe Biden.
@christinah.8504 Жыл бұрын
like all psychopaths, they do what's best for them, not others.
@Invisiblehand123 Жыл бұрын
Umm no shit, they are literally talking to Berkshire investors. Were you dropped on the head as a child?
@marksmith7029 Жыл бұрын
Wells Fargo and Wells Fargo Advisors...The worst customer service....End of story
@woody844 Жыл бұрын
Wells Fargo Home Mortgage too.
@davidmende4438 Жыл бұрын
Just yesterday a manager at WF spent an hour helping me fix my mobile account. Best customer service I've ever had. Sorry to burst your bubble.
@ph5832 Жыл бұрын
@@woody844 Wells has gotten out of mortgage and auto loans … those markets will take years to recover
@aluisious Жыл бұрын
@@ph5832 Their rates were always garbage anyway, so it barely matters to consumers.
@hrearden6993 Жыл бұрын
I wonder if anyone has contacted the hotline and said, " the guy next to me eats too much peanut brittle".
@noseeum6385 Жыл бұрын
There is priceless wisdom available for free from those two businessmen.
@rickybobby7276 Жыл бұрын
Yes, but when you think about it these are the original people that created the investing environment we have today where stocks and bonds pay nothing and all value is based on speculation and perceived value for anyone but large shareholders who have enough shares to play a role in the business and receive any of its tangible value. The way Warren uses stocks is no different than people use NFT’s and that was abnormal before Warren came along. Before Warren you bought a stock for its dividend. If you wanted the stock to go up you reinvested the dividend. Now everything is just madness. It’s a bit ironic that Buffet says not to invest in speculative assets when he tells people to invest in stocks for purely speculative reasons 🤔
@russellash8755 Жыл бұрын
Why don’t you blow them
@Mr_CAM0 Жыл бұрын
These guys were the beginning of the end you ignorant fool.
@f430ferrari5 Жыл бұрын
@@rickybobby7276 exactly. I’ll put it more direct. Buffet is a POS.
@onlythewise1 Жыл бұрын
ha ha money makes money not brains
@ciarankelly4338 Жыл бұрын
The Wells Fargo guys should have been locked up!
@lorireed8046 Жыл бұрын
Why? I've dealt with Wells Fargo for 28 years. What I've seen is NOT the lies with the bigger bankers BS. Sorry you didn't read your contract nor did you look into anything else. Warren Buffett is evil. Learn the difference, read, understand and pretend you understand. I'll back Wells Fargo WAY before I'll back Warren Buffett.
@lorireed8046 Жыл бұрын
Ells Fargo took ZERO money during the Obama administration BS.
@slowery43 Жыл бұрын
thank you Cpt Obvious
@ciarankelly4338 Жыл бұрын
@@slowery43 so why didn’t that happen in that great country of America!
@patrickfuchs3859 Жыл бұрын
Wells Fargo took control of my mother's funds stating she was not a US citizen, yet she was born in the US and had spent 75 years here. It took two years to convince the bank of their error. No apology was given and no interest earned during their investigation. Horrible business.
@wsdimenna5244 Жыл бұрын
What buffets forgets is how highly he praised the ceo just prior to farud
@daniellove162 Жыл бұрын
You mean “forgets”.
@onlythewise1 Жыл бұрын
@Thor Odinson easy to be dumb and praise a idiot
@1MinuteFlipDoc Жыл бұрын
Buffet is no angel himself.
@gio-ko7kf Жыл бұрын
is he supposed to be omnipotent??
@onlythewise1 Жыл бұрын
@@gio-ko7kf maybe
@a.k722 Жыл бұрын
A bank full of crimes like this should not be allowed to continue to exist
@robedmund9948 Жыл бұрын
Not sure why most people would do business with Wells Fargo. Or any major bank for that matter. So many better options out there.
@aluisious Жыл бұрын
It's inertia. I have a checking account there because my parents did, so I opened one when I went to college. It's too much work to move all those payments somewhere else.
@rond1475 Жыл бұрын
How often have you bought a car . For what it's worth they are 10 to=imes worse than any bank .
@robedmund9948 Жыл бұрын
@@rond1475 Four times when I had to finance. Went through a credit union every time. Better (lower) interest rate, speedier process, personal service. The rest have been cash purchases.
@KidMillions Жыл бұрын
A few years ago Buffet was asked "If you had to invest everything in one stock only, what would that be?" and he answered Wells Fargo. That influenced me to buy it. Luckily I didn't follow him on Tesco or IBM.
@mlinganimatiwane Жыл бұрын
But Warren has known this for soooooo long guys...
@georgelogan677 Жыл бұрын
I have never worked for Wells Fargo Bank but I was getting a Wells Fargo Bank pension from them for $72.011/ month because of bank mergers. Now I get that pension from Principal Bank which makes more sense to me.😮😮😮
@byDsign Жыл бұрын
Buffet's WF holding made me give him some serious ! 👀
@risingdough8078 Жыл бұрын
Well, give them credit for recognizing bad business practices. So they paid investigators to obtain information. How are "normal" investors to compete with that? What prompted them to hire investigators? Was it information publicly available? Clearly, to truly understand a company, which is the first rule of investing, requires more than reading a prospectus or two. Also, note that contrary to the video title, neither speaker used the word "fraud" when speaking of Wells Fargo.
@spicychad55 Жыл бұрын
They're might have been oddly very strong performance numbers or they might have heard rumors of unethical behavior going on in their locations
@yt.damian Жыл бұрын
In every endeavor you engage in there will be someone (or many someones) with more advantages than you. There is no simple answer to your question. If you invest in specific stocks you need to equally invest time into learning about those businesses. If you invest into broad Index Funds you should still pay attention to things that might affect the broad market, determine whether you should trade out of the fund if certain things change etc
@risingdough8078 Жыл бұрын
@Damian Agree, 100%. This is also why Buffet recommends low-cost index funds. He knows the typical investor can't compete with Berkshire's resources. In fact, most active fund managers can't compete either. After factoring in the high cost of actively managed funds, most people would do well to stear clear. From a grad school finance course taken several decades ago, I recall many lessons that are still being preached today. One is that the market isn't efficient because of imperfect information - case in point, this video. Another is that there may be active fund managers who are able to beat the market for a while, but your chances of finding one are slim at best.
@yt.damian Жыл бұрын
@@risingdough8078 its not that the market isnt efficient. Efficient isnt an On or Off thing. The market is a long way from optimal at pricing things. It does eventually get the price of things right. Do you have a suggestion on something that is more efficient?
@milesblue638 Жыл бұрын
The title was as fraudulent as Wells Fargo's practices. The rot always starts at the top.
@UnMoored_ Жыл бұрын
Better late than never to finally get their real critique of the business practices and the underlying mentality. I personally have not heard the same critique from Buffett of the 2008 crash, so please, if anyone has a video link to recommend, let me know. TIA.
@bobs182 Жыл бұрын
I have had a checking account for the last 65 years and have never encountered anything like I did dealing with the lies WF agents pressed on me.
@spicychad55 Жыл бұрын
WF just incentivizes me to stay with credit unions. Banks have well known unethical behavior as they constantly try to impress investors.
@timafiggy Жыл бұрын
I'm sorry you had to deal with this. I've been with a credit union since 2014 when getting rid of BOA.
@lorireed8046 Жыл бұрын
Lied aren't good. Show proof.
@davidh.4649 Жыл бұрын
I've banked with Wells Fargo since starting with a First Union account 25 years ago, getting acquired by Wachovia, and then Wells Fargo. I've never had any issues with them as a bank. Never been sold to or anything. I don't keep a lot of money with them, just a place to direct deposit my paycheck and pay bills. I'll keep banking there but I probably wouldn't buy Wells Fargo stock.
@dreamarcher4018 Жыл бұрын
Credit Unions are no better.
@davesrvchannel4717 Жыл бұрын
Are these the 2 guys from Sesame Street? I recall there were 2 old puppet guys years ago. Made me think of them
@austinmillbarge87312 ай бұрын
The two old guys were on the Muppet Show.
@davesrvchannel47172 ай бұрын
@@austinmillbarge8731 muppets started on Sesame Street, that’s how they got their show, spin off
@bigbrotherisasob Жыл бұрын
They weren't and aren't the only Bank. Several of the large Banks paid heavy heavy fines for their shady business practices. You never hear about it because those payments were paid with the caveat that it never be exposed, or made public.
@dannypowers4995 Жыл бұрын
I may be wrong but, Charlie Munger still owns Wells Fargo. His personal account or through the Daily Journal.
@TheBooban Жыл бұрын
Did they scam him too? 😂
@DavidThomas-fb8bq Жыл бұрын
Warren buffet told Charlie Munger: ' I'm taking my money out of your corrupt company.
@danielschein6845 Жыл бұрын
The headline made me think that Charlie and Warren got wind of this early and got out before the scandal came to light. If they had, how they did that would have been an incredible lesson for managers and investors alike.
@darrofelipe Жыл бұрын
One of the top 3 GIS banks in the U.S.. BOA and JPMC being the other 2. They will own all other banks in the U.S. within a generation
@alcowboy Жыл бұрын
Bad banks MUST fail and NOT be bailed out by the FED/Government. This only rewards bad behavior. Buffett is so smart and knows when to bail. Remember this happened BEFORE the latest bank failures.
@mikeheflin2614 Жыл бұрын
It seems to me that this video is more about Salomon Brothers and Long term Capital Management than Wells Fargo., I haven’t read other comments that may say the same
@wl4dymir Жыл бұрын
The daily journal still own WFC for 37% of their portfolio...
@mattherzberg991 Жыл бұрын
The daily journal has little to no correlation with Berkshire Charlie has stated this many times
@wiguy3462 Жыл бұрын
Buffet made his money and bailed. As I told a Chase branch manager, paying fines is just a line item in their budget. Until the management goes to jail and losing their ill gotten money, they will continue.
@robertbaldwin5771 Жыл бұрын
A crook pretending to be righteous
@MatthewSmith-cp3hu Жыл бұрын
these guys are so practical, it is soothing to listen tho their logic
@pollyanna0169 Жыл бұрын
so was what i was hearing him talk about at the end "putting in phony bids" of treasuring bonds? wouldn't that also manipulate the stock market? bond prices up stock market is down? So my Roth IRA doing badly has more to do with Wells fargo and not because of the government spending?
@FiveMinutePitchTV Жыл бұрын
What incentives do they offer for the hotline? Ie if someone was reporting a business critical problem in their own department, which might lead to a big reduction in head count, do they need to offer an incentive?
@edwardjohnson6744 Жыл бұрын
I learned this the hard way, had a Wells Fargo home improvement loan for $6000. "Interest free" for 12 months. I had it down to $1,200 left to pay off and it jumped to $3200 over night on day 365. As they explained it: The interest still accumulated over the 12 months. Had you paid it off in time it would have not been added to the total. Silly me. You will not be fooling me twice. I haven't done one cent of business with Bank of America in over 20 years for similarly shady tactics.
@riseabove3082 Жыл бұрын
That's not shady. Every business does that. Haven't you ever heard of store credit card interest free for 12 months until after that day all that interest will hit if you don't pay it off early. Everyone already knows about these except you I guess. lol
@edwardjohnson6744 Жыл бұрын
@@riseabove3082 - I know now.
@harrison60827 ай бұрын
0:14 1:31 8:14 Good advice
@advancetotabletop5328 Жыл бұрын
Don’t bother with banks when you can use a non-profit credit union.
@foxbat888 Жыл бұрын
Were customers sold products that they didn't need? Sounds like "personal payment protection" in the UK a few years ago
@justinavery4047 Жыл бұрын
Yes this is in reference to that.
@cifey Жыл бұрын
Didn't they create fake accounts for every ssn they could get ahold of?
@TheBooban Жыл бұрын
@@justinavery4047 what was the personal payment protection?
@justinavery4047 Жыл бұрын
@@cifey No, just encouraged to sign up customers for accounts that they didn't need.
@aluisious Жыл бұрын
@@justinavery4047 You're wrong. They opened accounts for customers they didn't know about. That's what made it fraud.
@randomadvice2487 Жыл бұрын
Agree or disagree I think at 00:00:26, Warren is like, “Did I just hear a crunch?”
@franknorth1573 Жыл бұрын
Charlie is always eating something Love it
@rond1475 Жыл бұрын
Buffet sells, price goes down and Munger buys. Bottom line with any bank is price , who has the best rates . My last 2 cars I bought before going south were at dealership in NH and the dealer financed both thru Wells Fargo who didn't even have branches in NH where they were. It's always about price .
@DrJoeyBean Жыл бұрын
Hey, if I owned a candy company I'd probably munch on peanut brittle all day too! And wash it down with some coke that I also own. Then after the meeting head to costo, which I also own, for a hot dog. Go Charlie!
@zill0678 Жыл бұрын
hear hear!!!
@aluisious Жыл бұрын
If you eat peanut brittle and coke all day, your chances of dying from diabetic complications and other diseases skyrocket.
@blogintonblakley2708 Жыл бұрын
Bald guy grazing next to Buffet cracks me up.
@mcarlkv53 Жыл бұрын
i am stunned the last years of wells fargo...been with them a long time, never had a problem
@jeffkeller3 Жыл бұрын
As an employee or a customer? Either way, if you borrow money there, I can personally say you could have got a better deal somewhere else.
@neyotan1 Жыл бұрын
When was this video from? Highly doubt it's recent. Charlie Munger still owns a big chunk of WF shares through daily journal.
@virgilpalmer2427 Жыл бұрын
Coming from a guy who owns the BNSF railway, and cheats his employees and creates derailments, that he never cleaned up... He also created the most unsafe RR system that Americans have ever witnessed... Fighting unsafe practices that all RR companies must follow...
@ShrimplyPibblesJr Жыл бұрын
The peanut brittle is killing me 😂
@killgogledeesthtogoogle-bm6zl Жыл бұрын
Is this actually from 2023 or 2008?
@whatthetroll9347 Жыл бұрын
1923
@killgogledeesthtogoogle-bm6zl Жыл бұрын
@@whatthetroll9347 🤣 I kind of get it
@BerserkingGator Жыл бұрын
“Warren this is some good ass peanut brittle.”
@nickdonovan5274 Жыл бұрын
I was at Wells during this crisis, I was a whistleblower when I discovered illegal unethical behavior in my business group and reported to the internal hotline, nothing happened because no one cared.The management team should all be in prison, crooks.
@slowery43 Жыл бұрын
riiiiiight, sorry I don't believe you for a second you're just coming here begging for attention as a virtue signaler
@MP-gn6ps Жыл бұрын
I never heard the quoted title said in this video. Makes me not want to follow this channel
@6B8RX Жыл бұрын
These two gentlemen are national treasures.
@jeffblackard9753 Жыл бұрын
Buffet is garbage. Rich garbage but garbage none the less Charlie has the Brains BUT is screwing up big BY investing in China.
@genox3636 Жыл бұрын
Let's not go way overboard.
@slowery43 Жыл бұрын
anymore totally generic over used cliches you can toss out there Princess?
@TradMommy Жыл бұрын
I’m calling FOUL! WB just so happened to sell all of his stock?????
@NoGoodHandlesComingToMind Жыл бұрын
7:20, very nice.
@DonaldMohrMusic Жыл бұрын
Charlie just eating See's Peanut Brittle like "he's gonna run his mouth for a while"
@MrUmbilical Жыл бұрын
I love how Charlie is just munching on pretzels
@linwoodnymph6113 Жыл бұрын
YOU JUST HEARD ABOUT WF's SHENANIGANS?!?!?! REALLY?!?!?! A LOT of us heard about this exact thing SEVERAL years ago!
@tedmoss Жыл бұрын
I could have told you Wells Fargo was a bad company more than 35 years ago when I pulled my money out and stopped doing business with them.
@RayLabs Жыл бұрын
I just love that Charlie Munger is happily snacking on Cookies 😀
@ssny20001 Жыл бұрын
So it was okay to hold WFC for decades and suddenly he realized the incentive system was ineffective
@perryandy2 Жыл бұрын
Hey there's no eating at the Warren Buffet
@wednesdayschild3627 Жыл бұрын
Guarantee you if Wells fargo was doing it, everyone is doing it. They just got caught.
@paulschultz2751 Жыл бұрын
Is that the same hot line that if used would paint a target on the whistleblower for immediate termination at Wells? Is that hotline staffed by Human Resources who protect the company not the whistleblower? Using these hotlines seems to result in the user getting fired and blackballed quite a bit.
@lorireed8046 Жыл бұрын
Isn't True at all.
@1MinuteFlipDoc Жыл бұрын
Exactly true!
@jgrab1 Жыл бұрын
He never misses a chance to plug one of his holdings. I'm surprised they aren't eating Big Macs and slurping Cokes up there.
@hugoedelarosa Жыл бұрын
I got a Wells Fargo ad before this video.
@timothygazda9441 Жыл бұрын
Love these two Giants! Thank You Gentlemen!!
@cifey Жыл бұрын
I'd probably invest, but how do they keep that culture with their successors?
@walkingstick6655 Жыл бұрын
Um, he sold his WF stake in 2020. Why is this floated as being current? SF was up to a bunch of crazy stuff, but this is three years ago.
@Tom-pc7lb Жыл бұрын
You guys “BRK” need a 1 time dividend.Come on.
@sdaiwepm Жыл бұрын
This is from May 2022 or earlier.
@markalbert9390 Жыл бұрын
It’s the tone set at the top!
@TheSpyder699 Жыл бұрын
So funny to hear 🤣 the guys crushing those cookie 🍪 with no stress ..
@hemaccabe4292 Жыл бұрын
Every bank incentivizes cross selling.
@geraldgreen6278 Жыл бұрын
Big fines for fraudulent / illegal business practices are great. Why aren’t there a bunch of these criminals going to jail or is it that their political contributions keep their over privileged asses protected ?
@twotwentyfour Жыл бұрын
Charlie Munger’s movements looks almost robotic like Chuck E. Cheese characters
@Page5framing Жыл бұрын
I’m pretty sure those two bought sees candy for one purpose. To feed their GIANT sweet tooth. I’ve never seen two dudes chow more sugar and sweets than munger and buffet.
@vitalic_drms Жыл бұрын
who is peanut brittle on the right is scary
@encinobalboa Жыл бұрын
I have Wells. I'm starting to migrate to Bank of America. Read a report that B of A has huge unrealized losses which might be similar to what took down SVB. Only safety are T-Notes and T-Bills which are not deposits and are owned by the customer.
@redavni1 Жыл бұрын
I used to work for Capital One and we had a big Wells Fargo call center in town at the time this fraud was going on and knew some of the people who were being pushed to do the fraud. Of the big 4 US banks, Wells is by far the worst, but BoA is right there behind them. If you need to bank with one of the big 4, I suggest taking a closer look at Chase and Citi. They aren't perfect, and many of the smaller banks are even better, but they are way better than BoA.
@television1088 Жыл бұрын
Join a credit union. Stop funding scumbags.
@1MinuteFlipDoc Жыл бұрын
BoA is horrible as well. go credit union.
@stuartstuart866 Жыл бұрын
We don’t have our accounts at banks, we only use credit unions. It saves a lot of stress dealing with all the fees banks charge you. Bank of America charged someone I know, $15 for a cashiers check, it’s free at our credit union.
@xlerb2286 Жыл бұрын
Agree completely. CU's aren't perfect but for us normal people even a mediocre CU is way better than a good bank. Years ago I briefly banked at Norwest, a bank later bought by Wells Fargo. That taught me all I needed to know about how banks treat their customers. It wasn't shady business practices like with Well Fargo, but you just didn't matter to them other than what they could squeeze out of you.
@tranger4579Ай бұрын
This is the reason I rarely go into stores. Can’t go and buy anything in peace these days without a bunch of cross selling.
@billbirch3748 Жыл бұрын
Guess I don't understand why this was posted now and not 5 years ago?
@terminalogicalinexactitude4561 Жыл бұрын
It's a bank. From San Francisco..it's going to be crooked.
@woody844 Жыл бұрын
The bank is actually Norwest from Minneapolis, rebranded as Wells Fargo. Stumpf and most of the officers under the scams came from Norwest.
@CarolOGwin Жыл бұрын
Why didn't my Bank cashier ck on BB&T for $10,000 go on my home as down payment. Mortgage with WELLS FARGO? I bought my home in 2007. Thank you.Well he just said it nothing will be done and things go wrong. That tells me a lot.
@tavaresmccree5005 Жыл бұрын
When was this video taken????
@jimmiller5600 Жыл бұрын
Sounds like the Wells Fargo CEO should get a bonus! And tax cuts, right GOP ?
@BrewdasDM7419 Жыл бұрын
I think Charlie is Warren's robot. 🤘😎
@windrider23 Жыл бұрын
This is a problem in all sales jobs. They promote and give bonuses to individuals that defraud customers. Just watch the movie Glengarry Glen Ross. This is not just how a boiler room sales floor operates it's how all sales floors operate.
@michaelbryant2071 Жыл бұрын
Love Munger chomping down on the Peanut Brittle. Berkshire Hathaway sold millions of dollars of the stuff at the conference.
@chrisp3913 Жыл бұрын
Wells Fargo Merchant Services “go out and club baby seals”.
@robertgray6512 Жыл бұрын
Was this about Solomon or Wells Fargo? Did he misspeak?
@iamgermane Жыл бұрын
WHERE IS THE AUDITING OF WIRE TRANSFERS TO THE CAYMAN ISLANDS AND ELSEWHERE OUTSIDE THE USA??