Warren Buffett of Berkshire Hathaway is barely a bastion of business virtue in all his Bitcoin bashing. He continues to defend Wells Fargo Bank's BH facility, although nearly $ 15 billion in fines have been imposed since 2000.
You make a mistake …
Wells Fargo got caught on bad things. Many, many very bad things. Employees opened fake accounts, used unauthorized credit cards and falsified customers' signatures – not just a few naughty employees – to meet management quota standards. Thousands of employees have opened 3.5 million unnecessary accounts over the past decade and a half. The management later admitted retaliation against employees who threatened to expose the scandal.
Wells Fargo admitted that the consequences of car insurance they did not need cost more than half a million customers. As a result, around 20,000 car loan customers failed and the illegal take-back of some vehicles failed.
The bank was not satisfied by this, modified the mortgages without authorization and sentenced 110,000 mortgage holders for missed deadlines – although the delay resulted in the company being at fault. They have also overwhelmed small businesses to handle credit card transactions, but you probably could have guessed.
Buffett's answer in a CNBC interview?
You have made a mistake.
The only one I know
That same week, he described Bitcoin as a "rat poison square," but he was glad to defend Wells Fargo's venomous actions.
Incentives work. And they had inappropriate incentives and worked. And so she [incentivized] bad behavior instead [incentivizing] good behavior. And that happens from time to time.
He had previously described the company as a "great bank," adding, "There were some things that were done very badly there, but they are being corrected."
This "great bank", in which Berkshire Hathaway holds just under 10 percent of the shares, paid a heavy fine for its "one mistake". In fact, since 2000, it has paid fines totaling under $ 14.78 billion for a total of 93 offenses in a variety of tastes.
Hardly a mistake.
One to another
After Buffett's recent claim that Bitcoin was "a deception" and "attracts charlatans," Barry Silbert decided to cast his own shadow. "I will take over the charlatans of Bitcoin [Wells Fargo’s fraud and other abuses] every day, "he tweeted.
Buffett's Wells Fargo has been fined 93 times for fraud and other ill-treatment for a total of $ 14.8 billion
I take the "charlatans" of Bitcoin every day on this day, https://t.co/9OZkzxgQ7x
– Barry Silbert (@barrysilbert) March 9, 2019
Anthony Pompliano quickly added, "Wells Fargo has paid more than 20% of Bitcoin's fines for the fraudulent activity with fines over the past 19 years." A sobering statistic. We are obviously all the way together with Silbert and Pompliano; We prefer to hear The Charlatans as Thievery Corporation. (Sorry to the band.)
What do you think of Warren Buffett, Berkshire Hathaway and Wells Fargo? Tell us your opinion in the comments below!
Images courtesy of Shutterstock, Twitter.
The contribution Buffett's Wells Fargo fined over 20% of Bitcoin's market capitalization since 2000 first appeared on Bitcoinist.com.
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