Wells Fargo is a Third Strike to Buffett’s “Wholesome” Image

Wells Fargo  Company (NYSE:WFC) Guest post from Jonathan Rochford, CFA, Portfolio Manager, Narrow Road Capital Pty Ltd. Warren Buffett is famous for his “front page of the newspaper test”. In a recent interview with Bloomberg he described this as not doing anything that he would be embarrassed to have written up on the front page of the newspaper. In order to encourage ethics over profits he tells his managers “lose money for the firm and I will be understanding; lose a shred of reputation for the firm and I will be ruthless”. However, three recent incidents have brought Buffett to the…