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. Buffett said at the Berkshire Hathaway (BRKA) annual meeting in Omaha, Nebraska, that Wells Fargo had the "wrong incentives." Just a day earlier, Wells Fargo agreed to pay $480 million to settle claims it misled shareholders about its fake-account scandal. Wells Fargo's troubles aren't limited to the fake-account scandal. Wells Fargo remains under investigation from the Department of Justice, Department of Labor and the Securities and Exchange Commission.

Source: CNN May 05, 2018 18:11 UTC