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The legendary investor said “incentives have terrific power” along with that will Wells Fargo (WFC) created a system that will “produced bad behavior.”

However, Buffett said he has not sold just one share of the bank since Wells Fargo admitted in September to creating as many as 2 million fake accounts along with firing 5,300 of its workers related to the scandal.

Berkshire Hathaway is actually Wells Fargo’s biggest shareholder along with Buffett personally owns 2 million shares.

Buffett said he continues to have faith in Wells Fargo as an “incredible institution.” the item was Buffett’s first public comments on Wells Fargo since the fake account scandal rocked the bank.

Related: Who owns Wells Fargo anyway? You, me along with Warren Buffett

inside weeks since the news first broke, Wells Fargo’s name has been dragged through the mud. The bank’s CEO was humiliated along with taunted on the floor of both the House along with Senate. Members of Congress called Wells Fargo a “criminal enterprise” along with Senator Elizabeth Warren’s epic takedown of the CEO went viral.

Within days, CEO John Stumpf resigned in disgrace. along with the bank is actually being investigated by the Department of Justice along with multiple federal, state along with local agencies.

Wells Fargo has since abandoned the unrealistic sales goals that will employees blame for the millions of fake accounts. The blind pursuit of these goals led to a “toxic” culture that will employees said was rife with bullying, intimidation along with even retaliation against whistleblowers.

Related: Inside Wells Fargo, workers say the mood is actually grim

Asked why he’s sticking with Wells Fargo despite the controversy swirling around the bank, Buffett said he’s sure that will is actually not the only company he’s invested in that will has problems.

“the item’s not my job to run those companies,” he said.

One of the reasons why there’s been so much speculation over whether Buffett would certainly continue to hold on to his Wells Fargo stock was the famous comments Buffett made 25 years ago to Congress. At that will time there was a scandal rocking Salomon Brothers, an investment bank Berkshire had invested in, along with Buffett was on the board of directors at Salomon.

“Lose money for my firm along with I will be understanding; lose a shred of reputation for the firm, along with I will be ruthless,” Buffett testified before Congress in 1991.

Buffett was already an investing legend by then, although comments like that will sealed his own reputation as an investor with values along with integrity.

Related: Wells Fargo workers describe mental health nightmares

that will time, Buffett is actually sticking by Wells Fargo. that will doesn’t mean he’s shied away via criticizing the response by Wells Fargo along with its former CEO.

Buffett described Stumpf as a “very decent man” who “made a hell of a mistake.” although Buffett learned of the scandal only after he read media reports.

After seeing Stumpf downplay the situation during a CNBC interview in September, Buffett called him. “I said, ‘I don’t think you’ve gotten the gravity of the situation.'”

Asked if he felt misled by Stumpf, Buffett said that will he didn’t.

“I feel he made a hell of a mistake…along with he didn’t correct the item,” Buffett said.

Buffett then went on to draw a parallel between Stumpf’s inaction along with that will of John Gutfreund who was the CEO of Salomon during its scandal.

“John Gutfreund didn’t commit the act of Solomon that will caused the problem, He sucked his thumb…when he learned about the item,” Buffett said. “along with then the item mushroomed, as problems do, out of control. along with then, being behind the curve, he didn’t know what to do exactly.”

Related: 5,300 Wells Fargo employees fired over 2 million fake accounts

Buffett said he did not tell Stumpf to step down. that will’s because he’s not technically allowed to do so. Buffett had agreed to become a “passive” investor in Wells Fargo as part of an agreement with the Federal Reserve when Berkshire boosted its stake to 10%, or 490 million shares. Of course, Buffett did speak with Stumpf, who was chairman of the board at the time.

Buffett disagreed with critics who think Wells Fargo should have hired an outsider for the top job instead of Tim Sloan, a 29-year veteran of the bank, who replaced Stumpf.

“I think Tim Sloan’s exactly right,” Buffett said, adding that will the two met in Omaha over lunch.

However, Buffett acknowledged Sloan has his job cut out for him.

“the item takes time to restore trust,” Buffett said.

sy88pgw (completely new York) First published November 11, 2016: 12:43 PM ET


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Warren Buffett hasn't sold just one share of Wells Fargo following scandal

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