Warren Buffett said on Saturday that Wells Fargo committed a “cardinal sin” by turning a blind eye to the bad behavior caused by its horrible incentive system.
But, the billionaire Wells Fargo (WFC) shareholder defended the scandal-ridden lender, arguing its misdeeds aren’t much worse than what other big banks have done.
Buffett said at the Berkshire Hathaway (BRKA) annual meeting in Omaha, Nebraska, that Wells Fargo had the “wrong incentives.”
Wells Fargo’s wildly unrealistic sales goals led workers to create millions of fake accounts and the bank has admitted to charging customers for auto insurance they didn’t need and mortgage fees they didn’t deserve.
“That was bad,” Buffett said. “But then they committed the much greater error” by “ignoring the fact that they had a faulty incentive system.” He said unrealistic sales goals encouraged workers to do “crazy” things, like opening millions of fake accounts.
“That is the cardinal sin at Berkshire,” he said.
Hot Bank Stocks To Invest In 2019: International Tower Hill Mines Ltd(THM)
- [By Ethan Ryder]
International Tower Hill Mines Ltd (NYSEAMERICAN:THM) (TSE:ITH) saw a significant decline in short interest in July. As of July 31st, there was short interest totalling 686,901 shares, a decline of 1.8% from the July 13th total of 699,840 shares. Based on an average daily trading volume, of 94,382 shares, the short-interest ratio is currently 7.3 days.
- [By Stephan Byrd]
International Tower Hill Mines Ltd (NYSEAMERICAN:THM) (TSE:ITH) saw a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 689,433 shares, a growth of 3.8% from the April 30th total of 663,894 shares. Based on an average daily volume of 155,359 shares, the short-interest ratio is currently 4.4 days. Approximately 0.5% of the shares of the company are short sold.
- [By Money Morning News Team]
While a 209% gain is exciting, FunctionX’s gains are in the past. After looking at the 10 top penny stocks to watch this week, we’ll show you a small-cap stock with serious profit potential ahead of it…
Penny Stock Current Share Price Law Week’s Gain
FunctionX Inc. (OTCMKTS: FNCX) $0.03 209%
Turtle Beach Corp. (Nasdaq: HEAR) $4.48 52.73%
DPW Holdings Inc. (NYSE: DPW) $1.16 51.31%
Energy XXI Gulf Coast Inc. (Nasdaq: EGC) $5.62 49.33%
MYnd Analytics Inc. (Nasdaq: MYND) $1.91 49.21%
Kingtone Wirelessinfo Solutions Holding Ltd. (Nasdaq: KONE) $6.43 48.42%
Rennova Health Inc. (OTCMKTS: RNVA) $0.02 44.30%
International Tower Hill Mines Ltd. (NYSE: THM) $0.72 41.64%
Blonder Tongue Labs Inc. (NYSE: BDR) $1.13 41.14%
Bellicum Pharmaceuticals Inc. (Nasdaq: BLCM) $8.87 40.53%
As the gains above suggest, penny stocks can provides tremendous returns for investors very quickly. However, it’s important to note that investing in penny stocks is also inherently risky.
Hot Bank Stocks To Invest In 2019: Advantest Corporation (Kabushiki Kaisha Advantest) ADS(ATE)
- [By Joseph Griffin]
Antibe Therapeutics Inc (CVE:ATE) Director Nicolas Bourgeois bought 100,000 shares of Antibe Therapeutics stock in a transaction on Tuesday, September 18th. The shares were acquired at an average price of C$0.26 per share, for a total transaction of C$26,000.00.
Hot Bank Stocks To Invest In 2019: New Century Bancorp Inc.(NC)
- [By Motley Fool Transcribers]
NACCO Industries Inc (NYSE:NC)Q4 2018 Earnings Conference CallMarch 07, 2019, 8:30 a.m. ET
Prepared Remarks Questions and Answers Call Participants
- [By Stephan Byrd]
Whirlpool (NYSE: WHR) and NACCO Industries (NYSE:NC) are both consumer discretionary companies, but which is the superior stock? We will contrast the two companies based on the strength of their profitability, valuation, risk, dividends, institutional ownership, analyst recommendations and earnings.