Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Warren Buffet lost major money last week but for a billionaire like he is this loss of 1,4 billion dollars is peanuts!
The cause of his loss is the connection between his company Berkshire Hathaway and Wells Fargo's wrong doing and 5300 employees being fired.
Major wrong doing with mortgage foreclosures Berkshire Hathaway and his partnering bank Wells Fargo are accused of wrongly foreclosing on home owners.
Wells Fargo's stock tanked, causing a single day loss of 1,4 billion.
Now Buffet is trying to scare the public to say it is Brexit that will cause the markets to see losses!
Obama and Hillary's supporter Buffet just is trying to scare the public as in Europe the predicted losses never happened after only a short down turn and immediate upwards for the stock market after yhe Brexit vote.
Brexit should be the start of many countries to follow.
Buffet can't help Hillary nor Obama.
The public is not falling for Wells Fargo's scams and wrong doing and blaming someone else.
The cause of BH's loss is BH's 10% stake in WF. Any direct or indirect ( mutual fund) owner of WF's shares lost money when share value fell by 3%. Stocks rise and fall by 3% all the time for all sorts of reasons.
Neither Buffet nor BH has anything to do with internal policies or operations of WF's 6000+ branches.
While the unprecedented settlement ( fine) made headlines last week, internal and regulatory investigations have been ongoing for more than 5 years. The first wave of terminations began in 2011 and concluded in March of this year.
Neither the bank nor its public accountant disclosed the risk of the settlement within the bank's financial statement because it was not material.
Former employees blame their actions on the bank's sales goals and that they faced termination for not hitting targets. Common for people to blame rather than take responsibility for their choices.
The bank has issued credits to offset erroneous back charges to customers. The average refund is $25 per account. It's the unprecedented scale of fraud, not the material impact on account holders that sets this situation apart.
Many, many lenders were accused of foreclosure wrongdoing, mostly related to robo signing documents.
In most cases, it was the so called owner's failure to honor their legal obligation to make monthly mortgage payments that triggered foreclosure. No two states have the same foreclosure process. Some honored robo- signing and some did not. No shortage of attornies who made a lot of money representing deadbeat homeowners and did so on technicalities. All the hootin and a hollerin enabled some to remain in their homes ( squat) without paying their mortgage or property taxes. It did not prevent the eventual outcome- foreclosure and eviction.
When the dust settled, no shortage of individual and institutional investors who got a bargain buying foreclosed properties.
I am unaware that Buffet thought Brexit was the end of the world for financial markets. He has said he thought it would not be a good thing but had no intention of selling off investments that might be impacted.
The stock my family has in Europe, went lower for a few days and than the market went up again so no issues as predicted by all the so called smart biased Democrats!
I recently had a similar issue with my bank which is not Wells Fargo where I got a letter than my credit card was approved. I called the bank and they are now in the process of trying to take the inquiry off my credit report as it is a hard hit and they already closed the credit card that I never approved off.
My bank found the conversation I had with the bank about a savings account when the employee kept going about a great credit card and I kept saying "I don't want more credit cards and I'm not approving anything".
My bank listened to the tape and sided that I was very clear and more than 3 times stated I don't agree and don't want another credit card.
Card closed but my credit will probably not restored to what it was prior to the inquiry. I believe the bank did two inquiries of 30 points each without my consent!
I have seen clients who got things cleared off their credit report but often scores are not reflecting the errors of the inquiries!
Wells Fargo and Warren Buffet are attached to the hip!
The stock my family has in Europe, went lower for a few days and than the market went up again so no issues as predicted by all the so called smart biased Democrats!
I recently had a similar issue with my bank which is not Wells Fargo where I got a letter than my credit card was approved. I called the bank and they are now in the process of trying to take the inquiry off my credit report as it is a hard hit and they already closed the credit card that I never approved off.
My bank found the conversation I had with the bank about a savings account when the employee kept going about a great credit card and I kept saying "I don't want more credit cards and I'm not approving anything".
My bank listened to the tape and sided that I was very clear and more than 3 times stated I don't agree and don't want another credit card.
Card closed but my credit will probably not restored to what it was prior to the inquiry. I believe the bank did two inquiries of 30 points each without my consent!
I have seen clients who got things cleared off their credit report but often scores are not reflecting the errors of the inquiries!
Wells Fargo and Warren Buffet are attached to the hip!
If you had been in the process of purchasing a home or refinancing this could have cost you the loan. People do not fully understand how much this affects their credit. NO ONE should have been put in this position by their bank.
The “Oracle of Omaha” lost $1.4 billion in one day—and is poised to lose even more
His company, Berkshire Hathaway, is Wells Fargo’s biggest shareholder, which means he bled money when the stock tumbled 3.3 percent on Tuesday. Buffett’s personal fortune dropped $1.4 billion over the course of that one day, according to Bloomberg, as shares of Berkshire Hathaway also fell 2 percent. Since Friday, he’s lost a total of $1.6 billion, and as Wells Fargo fell another 1 percent in trading Wednesday, he is poised to lose even more.
At least Buffett is not alone. With global stocks melting down, the world’s billionaires have shed $93 billion since Friday, Bloomberg reported. Amancio Ortegahas lost $3.3 billion over this period, Bill Gates had $2.4 billion wiped out, and Jeff Bezos has said good-bye to $1.9 billion. So fear not, Warren Buffett. All your billionaire buddies are in a similar boat—or yacht, as it may be.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
