Wells Fargo Punished By Fed

United Airlines Wells Fargo

Wells Fargo nightowl / Pixabay

Wells Fargo will replace four board members and face limits on growing its banking business after an unprecedented action announced Friday by the U.S. Federal Reserve, which cited “widespread consumer abuses.”

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Wells Fargo is Berkshire Hathaway’s (Warren Buffett’s) largest common stock investment.  At Friday’s closing price of $64.07 on the New York Stock Exchange, Berkshire’s 10% stake in the bank was valued at $32 billion.  Berkshire has invested in Wells Fargo since 1989.

Wells Fargo is also Daily Journal’s (Charlie Munger’s) largest common stock investment.

Wells Fargo nightowl / Pixabay

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About the Author

Dr. David Kass
David I Kass Clinical Associate Professor, Department of Finance Ph.D., Harvard University Robert H. Smith School of Business 4412 Van Munching Hall University of Maryland College Park, MD 20742-1815 Phone: 301-405-9683 Email: dkass@rhsmith.umd.edu (link sends e-mail) Dr. David Kass has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Accelerated Finance Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), Fox TV, American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.

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