Warren Buffett loves giving advices. On investments, on honesty in business, on Bitcoin, that he called “mirage” . Well, definitely his Wells Fargo 10% stake is not a mirage, although he lost close to $1.5 bln in a matter of a few days, as a result of the Wells Fargo scam. He didn’t comment yet what he thinks of this biggest-ever financial identity theft done essentially to increase his profits. Honesty is our policy, almost To meet their sales goals, the Wells Fargo’s employees have opened 2 million fake accounts for non-existent clients, while moving real customers’ money around to create a semblance of legitimacy. Those employees have pushed many real accounts into overdraft, costing their respective owners several million dollars in fees. Now government agencies slap big fines on the bank. The scandal already caused Wells Fargo’s shares to drop 6 percent in three days. Investment in Clinton a headache Other Buffett’s investments also aren’t doing well. He endorsed Hillary Clinton, the democratic frontrunner in the US presidential elections, but she fell down, quite literally. It happened after several months of Clinton’s campaign insisting that their candidate was in excellent health and whoever says otherwise is a right-wing conspiracy theorist. When footage got out , the polls naturally showed Clinton losing several swing states to her competitor, Donald Trump. Big banks and big government obsolete Both Wells Fargo and Hillary Clinton represent two things, which seem to be more obsolete with each passing day; big banks and big government. The intransparency, which allows the former to manipulate the clients’ money in whatever way they want and the latter to omit issues that are very important to the public and get away with it, comes at the expense of regular people and thus should and can be dealt away […]
