Mega-investor Warren Buffett will likely call for the resignation of Wells Fargo CEO John Stumpf, according to a financial expert and corporate executive.
Eric Schiffer, financial expert and CEO of The Patriarch Organization, thinks Buffett is likely “going to be very vocal as a board member to change the leadership,” and furthermore, Buffett “will want the CEO out of there as fast as possible,” Schiffer tells The Daily Caller News Foundation.
Schiffer thinks that Buffett is likely as mad (if not more) as Wells Fargo employees and investors at CEO John Stumpf for allowing this massive fraud to take place. The financial expert thinks Buffett most likely shares the sentiment of disgruntled employees and would be all in favor of “tying Stumpf up to the Wells Fargo stage coaches and letting the horses run,” Schiffer tells TheDCNF.
As for whether or not Buffett will pull out of Wells Fargo, a company he ardently supported over the years, Schiffer thinks the wealthy venture capitalist is in it for the long haul. “From a long-term investment, Wells Fargo will be back on their feet once they have the right leadership,” Schiffer tells TheDCNF.
Once Wells Fargo is able to change leadership and get back to the “great brand” they have always been, Schiffer says that Buffett “will likely double down on his investment” in the company. “Outside of this one wildly stupid act of greed, on the part of the CEO, Wells Fargo is a pretty smart organization in terms of it’s business model and how it has executed historically,” Schiffer tells TheDCNF.
Stumpf publicly blamed branch-level employees for the current scandal and is moving towards eliminating the sales goals that purportedly incentivized employees to defraud consumers. (RELATED: Wells Fargo CEO Explains His Company’s $185 Million Dollar Fraud)
Blaming low-level employees for this massive fraud is “like blaming a passenger in the backseat when a car’s been carjacked. It’s asinine. The guy makes Donald trump look like a man of integrity,” Schiffer tells TheDCNF.
Send tips to firstname.lastname@example.org
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact email@example.com.