Friday, April 28, 2017

"Buffett’s Berkshire Hathaway boosts Wells Fargo stake to 504.3 million shares, or 10%"

"Warren Buffett showed that the selloff in Wells Fargo & Co.’s stock this year has just made him love the banking giant even more, as he boosted his stake in the company to 504.3 million shares, according to regulatory filings.

The financial industry owns the United States government,
including the regulatory infrastructure, along with the Federal Reserve

Buffett’s investment vehicle Berkshire Hathaway Inc. BRK.B, +0.43%  now owns 10% of Wells Fargo’s common stock outstanding, making him by far the largest shareholder.

Warren Buffett owns a huge chunk of the financial industry,
and enough of the information dissemination industry to manage 'news' messaging enough
to protect his investments like Clayton Homes and its financing arm

That is up from 479.7 million shares, or a 9.45% stake, as of Dec. 31, filings show."

http://www.marketwatch.com/story/warren-buffett-buys-more-wells-fargo-stock-on-a-dip-2016-03-29

Warren Buffett owns Greensboro's News and Record.

The News and Record didn't report how Clayton Homes rips off poor people.

Jeff Gauger didn't report how Wells Fargo makes money from North Carolina's retirement plans.

The News and Record didn't report how mimicking the federal government's Thrift Savings Plan could save Greensboro's employees more than $500,000 per year, to preserve Warren Buffett's profitability at the expense of their readers.

Jeff Gauger and friends steal hundreds of millions from their readers via lies of omission so Warren Buffett can make more money.

Greensboro's City Council is in on it, including Tony Wilkins, whose cowardice from the right is a complete disgrace.  They fucked their own employees with the help of Jim Westmoreland, Mary Vigue, Connie Hammond and Donnie Turlington.

Nancy Vaughan led the Council into shafting their own employees by letting the financial industry continue to grossly overcharge fees in the City's 457 ICMA-RC retirement plan.

It's inexcusable.

Other Berkshire media and financial holdings;

AMERICAN EXPRESS CO
BANK OF NEW YORK MELLON CORP
AT&T INC
DAVITA HEALTHCARE PARTNERS I
GOLDMAN SACHS GROUP INC

Anybody from Goldman go to jail for subprime mortgages?

LIBERTY MEDIA CORP DELAWARE
M & T BK CORP
MEDIA GEN INC NEW
MOODYS CORP

Anybody from Moody's go to jail for lying about ratings?

TWENTY FIRST CENTY FOX INC
US BANCORP DEL
VERIZON COMMUNICATIONS INC
VISA INC
WAL MART STORES INC
WELLS FARGO & CO NEW

Anybody from Wells go to jail for insider trading and securities fraud?

LIBERTY GLOBAL PLC


http://www.sec.gov/Archives/edgar/data/1067983/000095012316015025/xslForm13F_X01/form13fInfoTable.xml

This is who runs our town

Berkshire Hathaway Homestate Insurance Co.
Berkshire Hathaway Life Insurance Co of Nebraska
BH Finance LLC
Columbia Insurance Co
Cypress Insurance Co
GEICO Corp

Anyone's insurance rates fall lately?

Medical Protective Corp
National Fire & Marine Insurance Co
National Indemnity Co
National Liability & Fire Insurance Co
U.S. Investment Corp


http://www.sec.gov/Archives/edgar/data/1067983/000095012316015025/xslForm13F_X01/primary_doc.xml
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"After Congress moved to restrain some of the banks’ cheating and overcharging, a JPMorgan Chase executive said that customers with less than $100,000 in investments and assets would no longer be “profitable” for the megabank.

That’s tantamount to confessing that they need to bilk ordinary customers – by doing things like hiding overdraft charges, making checks bounce by manipulating the order in which they’re cashed, and charging excessive ATM fees – in order to make money as a consumer bank.

But that’s not the only line of business where banks commit fraud. The major offenses committed by our largest banks include “price fixing, bid rigging, market manipulation, money laundering, document forgery, lying to investors, sanctions-evading, and tax dodging.”

(Newly released papers from the Financial Crisis Inquiry Commission show that the Commission voted to refer Rubin to the Justice Department for investigation, but there is no evidence that any action was taken.)

If the purpose of Wall Street’s “business model” is to help bank executives get rich without personal risk or penalty, there is no question that fraud is at its heart. Senior bankers at our too-big-to-fail institutions have made a lot of money from fraudulent activities, but other people always seem to pay when those activities come to light. The American people bail them out, and bank shareholders pay the fines.

And let’s be clear: the evidence for bank fraud is overwhelming. Bank executives would not have paid $204 billion to settle fraud charges if it was not. (In fact, it would have been a violation of their fiduciary responsibility to shareholders to do so.) These fines and settlements were usually great deals for the banks, which is why their stock prices often rose after they were announced.

Play by the rules? For bankers, Rule #1 is “win at any cost.” As long as they can commit fraud without suffering personal consequences, fraud will be the business model for Wall Street."

https://ourfuture.org/20160329/bernies-right-wall-streets-business-model-really-is-fraud
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