Buffett Pleads With The Fed To Take Over 10 Percent Of Wells Fargo

REUTERS/Rick Wilking/Files

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Robert Donachie Capitol Hill and Health Care Reporter
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Billionaire mega-investor Warren Buffett filed with the Federal Reserve Bank of the United States to take more than 10 percent ownership in Wells Fargo, a firm recently plagued by a national sales scandal and facing strict Congressional oversight.

Buffett edged his holdings in the beleagured bank to just over 10 percent, 10.012 to be precise, this past March, according to filings received by Business Insider.

In the Fed filing, Berkshire Hathaway, Buffett’s firm, explained that they did not breach the 1o percent threshold by direct purchasing, but that it hit the mark via the Wells Fargo buyback program.

Reaching the 10 percent holdings level requires investors to publicly disclose financial records in order to hold such a large stake. Buffett currently holds 506,308,470 shares in Wells Fargo, but has stated that neither he nor his firm has immediate plans to buy more shares, BI reports.

The total value of Buffett’s holdings in Wells Fargo amounts to around $23 billion, according to Bloomberg. It is one of his largest investments.

Buffett is a well known and vocal supporter of Democratic nominee for president Hillary Clinton.

His support for Hillary dates back as far as her first run for Senate in 2000. Buffett gave $6,000 in donations via individual contributions over the past 15 years. In October, 2014, Buffett gave $25,000, the largest single political donation he has ever given, to a PAC called Ready For Clinton.

These are interesting moves, seeing as he was an ardent dissenter to the 2010 Citizens United Supreme Court decision.

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