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Berkshire Hathaway owns a stake in Wells Fargo of roughly 9%.
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“I don’t think people ought to go to jail for honest errors of judgement. It’s bad enough to lose your job,” Munger said. “I wish Tim Sloan was still there.”
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Wells Fargo shares are up 5.6% year-to-date, but are down 5.6% over the past 12 months. The broader financials sector is up 17.8% year-to-date and up 4.3% year-over-year.
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