In an interview on CNN released today, Warren Buffett mentioned that he is not planning to sell any of the 500 million shares of Wells Fargo (NYSE:WFC) owned by Berkshire Hathaway (NYSE:BRK.A, BRK.B), representing a 10% stake in WFC. Warren Buffett had previously been silent on this issue. The Wells Fargo scandal (opening accounts for customers without their knowledge) was revealed in late September.
The scandal was an “egregious mistake,” Mr. Buffett said. “Wells Fargo designed a system that produced bad behavior. When you find that out you’ve got to do something about it, and the big mistake was they didn’t do something about it.”