Buffett Says Stumpf ‘Made a Hell of a Mistake’ at Wells Fargo
- Stumpf a decent man, should have corrected problem, he says
- ‘Dumb incentive system’ fueled excesses, Buffett tells CNN
Wells Fargo Account Scandal: Who Knew What, When?
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Warren Buffett said former Wells Fargo & Co. Chief Executive Officer John Stumpf bears blame for an incentive system that encouraged staff to set up bogus accounts and then made matters worse by not fixing the problem.
Stumpf is a “very decent man” who “made a hell of a mistake,” the billionaire said in an interview posted on CNN’s website Friday. “And he didn’t correct it. That’s the thing.”