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Warren Buffett may have cut his Wells Fargo holdings because the bank’s board went against his advice and hired a Wall Street chief as its new CEO, Bloomberg said.
The famed investor and Berkshire Hathaway CEO told the Financial Times last year that Wells Fargo should hire someone from outside Wall Street or risk angering Congress. “That’s just not smart,” he said.
Buffett’s company has owned shares in the bank for more than 30 years, but it has slashed its position by more than 60% this year to a 17-year low.
Investors will learn next month whether Berkshire has exited the position entirely.

Visit Business Insider’s homepage for more stories.

Warren Buffett may have slashed his Wells Fargo stake to a 17-year low this year because the bank’s directors ignored his advice and hired a Wall Street executive as their new CEO, according to Bloomberg.

The billionaire investor and Berkshire Hathaway CEO told the Financial Times last year that Wells Fargo, still reeling from its fake-accounts scandal, risked angering regulators if it hired its next boss from JPMorgan, Goldman Sachs, or another big bank.

“They just have to come from someplace [outside Wells] and they shouldn’t come from Wall Street,” Buffett said.

“There are plenty of good people to run it [from the Wall Street banks], but they are automatically going to draw the ire of a significant percentage of the Senate and the US House of Representatives, and that’s just not smart,” he added.

Read More: An ex-Wall Street chief strategist lambasts 3 ‘nonsensical narratives’ he says are pushing stocks to dangerous heights — and warns that the current rally is unsustainable

However, Wells Fargo went against the guidance of its biggest shareholder and appointed Charles Scharf, who worked at JPMorgan before running Visa and later BNY Mellon, in September of last year. It also agreed to let its new chief executive run the California bank from New York.

“That’s outrageous,” Charlie Munger, Buffett’s right-hand man and Berkshire’s vice-chairman, said about the working arrangement in a Bloomberg interview earlier this year.

Selling Wells

Berkshire has been a Wells Fargo shareholder for more than 30 years, counting the bank among its five biggest holdings for most of that time. It owned more than 13% of the bank in 1994, and boasted more than 500 million shares worth over $27 billion in 2016.

However, it has cut its position by …read more

Source:: Business Insider

The Teen Mom favorite tried heroin after taking prescription pills. Leah Messer has been open about her battle with drugs in her memoir Hope, Grace & Faith, but for the first time she opened up about trying heroin during an interview on the Knockin’ Doorz Down podcast, as cited by The Ashley’s Reality Roundup.

Leah revealed she didn’t feel anything when she tried heroin, an extremely addictive drug derived from morphine. “I think it was divine intervention. It was when you can’t find pain medication, there was the heroin. [It’s] cheaper, and an easier form. I was actually with my dad when I had done it,” she said.

The mother-of-three didn’t expect to become addicted like her father, saying, “I didn’t feel dependent on the medication I was taking at the time until it was too late and I became suicidal.” At the time, Leah had been taking “ridiculous amounts of prescription pills,” which led her to smoke the pills and ultimately try heroin.

Leah said it was Teen Mom 2 producer who helped save her life, as well as maintain custody of her twins–Ali and Gracie.  “I was going to lose custody of my children. That was even more shameful for me. That’s my entire world,” she remembered. “If I lose them, I felt like I didn’t have anything to live for.”

Leah Struggled With Anxiety & Depression

I thought I was dreaming when I found this little piece of heaven on earth. 😻 What are some activities you’ve been doing to keep your Mental Health and wellness a priority? #MountainMama #GirlMom #AlmostHeaven 💙💛 . . . 📸 – @backwoodsphotographyohio 👗- @forever21

A post shared by Ḻε@ℏ Ɖ@ẘƞ ♕✰ (@leahmesser) on Oct 16, 2020 at 1:07pm PDT

In her 2020 book, the West Virginia native revealed she has struggled with her emotional health all her life. She was taking Diazepam for anxiety, which “really knocked me out,” she wrote, according to The Sun. 

Leah’s addiction to prescription pills started after she had a “botched” spinal tap for her C-section with her youngest daughter Addie in 2013. The hospital gave her prescriptions for pain pills like Hydrocodone, Oxycodone and Tylenol 3.

“At first, the medications helped dull the pain in my body and my …read more

Source:: Heavy.com

The 2020 champion Los Angeles Lakers’ celebration rallied through Las Vegas, Nevada over the weekend.

NBA Finals MVP LeBron James and his teammates reportedly checked in to The Mansion at MGM Grand before spending Sunday afternoon at Encore’s Beach Club, a popular day club. All-Star Anthony Davis, Kentavious Caldwell-Pope, Kyle Kuzma, and, of course, J.R. Smith, who’s no stranger to a good time, were all reportedly seen checking in earlier in the weekend.

Following LeBron’s previous championship with the Cleveland Cavaliers in 2016, seeing Smith celebrating in various clubs without a shirt on was an ongoing trend for weeks after the NBA Finals. Smith, who appears to be fully-clothed in the video below, provided by ClutchPoints, is seen taking over the DJ booth in Vegas.

Of course JR Smith is behind the DJ booth celebrating the Lakers’ 2020 NBA Championship in Vegas. We wouldn’t expect the Lakers to party any other way. 🕺

(via @randysilver09) pic.twitter.com/O2rWrHM3nr

— ClutchPoints (@ClutchPointsApp) October 18, 2020

LeBron James Sparks ’23’ Victory Cigar In Vegas

The Lakers also spent part of their weekend at Wet Republic day club, where they reportedly spent Saturday afternoon celebrating, according to Las Vegas Review-Journal. James, donned in a Dodgers uniform, posted videos and photos of himself via an Instagram story while smoking a cigar.

Guess which kind of cigar it was. ’23.’

LeBron in VEGAS celebrating the Lakers’ championship with a ‘23’ cigar.

AND the King of a 3-1 comeback is ready for the Dodgers’ Game 7 tomorrow. 🔥 pic.twitter.com/wHIsdxUuCO

— ClutchPoints (@ClutchPointsApp) October 18, 2020

Los Angeles deservingly celebrated a hard-fought title under unpreceded circumstances. Due to the COVID-19 pandemic, there are no plans for a victory parade or rolling rally. However, I’m sure the Lakers aren’t so devastated after all the celebrating they did over the weekend. 

Los Angeles Dodgers Are World Series Bound

The Los Angeles Dodgers topped the Atlanta Braves, 4-3 in Game 7 of the NLCS. L.A. will head to the 2020 World Series with an opportunity to achieve a rare feat in sports.

If the Dodgers capture another title, it will mark the third time Los Angeles has celebrated two championship teams in the same year. The Lakers and Dodgers accomplished the exclusive feat back in 1988 and then the Lakers pulled it off again in 2002 led by Kobe …read more

Source:: Heavy.com

Senator Mitch McConnell, who is the Republican Majority Leader, has announced that he is calling two votes on the week of October 19 to deal with a second stimulus relief package. When is McConnell calling the votes?

The answer: Tuesday and Wednesday.

For weeks, Republicans and Democrats have haggled over the provisions of a second stimulus relief package. They’ve stalled on the overall price tag of a second package, which leaves everything from a second round of direct payments to extended unemployment benefits hanging in the balance. The House Democrats want $2.2 trillion, the White House wants $1.8 billion, but McConnell is only willing to bring a much smaller package to the Senate floor. The looming election is complicating the equation for Republicans and Democrats, with either side jockeying for position with the electorate.

Here’s what you need to know:

McConnell Is Splitting Off the Paycheck Protection Plan for a Vote

GettyU.S. President Donald Trump and Senate Majority Leader Mitch McConnell.

On Tuesday, McConnell is bringing a narrow Paycheck Protection Plan provision for a vote.

“Republicans have tried numerous times to secure bipartisan agreement,” McConnell said in a statement Saturday night, according to UPI. “But Speaker Pelosi keeps saying she feels ‘nothing’ is better than ‘something’ and clinging to far-left demands that are designed to kill any hope of a deal.”

McConnell Is Bring Forth a $500 Billion Package

GettySenate Majority Leader Mitch McConnell.

McConnell is bringing a $500 package forward to a vote on Wednesday, October 21. “Nobody thinks this $500B+ proposal would resolve every problem forever,” McConnell said in a statement on Saturday, according to CNBC. “It would deliver huge amounts of additional help to workers and families right now while Washington keeps arguing over the rest.”

What does the package contain? According to CNBC, “funding for schools, expanded unemployment benefits and a second round of the Paycheck Protection Program.”

The challenge for McConnell is that some Republican senators are balking at a higher price tag. One, Senator Lindsay Graham of South Carolina, wants a higher amount without some of the provisions in the Democratic version, which he said does things like not require a social security number to quality for direct payments.

Pelosi Wants a Higher Amount

GettyU.S. Speaker of the House Nancy Pelosi.

According to UPI, Democrats blocked a similar $500 billion plan in September. House Speaker Nancy Pelosi has stayed firm on desiring a …read more

Source:: Heavy.com