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Photo: Johanned Eisele/AFP/Getty Images

A shareholder asked Warren Buffett at this year's annual Berkshire Hathaway meeting why the billionaire investor has “been so silent” about the scandal that plagued Wells Fargo starting in 2017. Buffett said: "It looks to me like Wells made some big mistakes," adding that the banking institution incentivized "the wrong behavior."

The backdrop: When it was revealed that Wells Fargo employees had opened more than a million unauthorized accounts, the Department of Justice launched an investigation into the companies handlings of wealth management, and the bank was fined for charging customers for unwanted insurance. Buffett also became the largest shareholder of Wells Fargo in 2017 with about 10% of the shares.

But, but, but: Berkshire Hathaway's vice chairman Charlie Munger said former Wells Fargo CEO Tim Sloan was a "casualty," and wishes Sloan was still there.

What Buffett is saying:

  • Buffett and Munger said their biggest regret is not investing in Google because they were just "sucking their thumbs."
  • Buffett re-asserted his disdain for bitcoin, calling it a "gambling device," reports CNBC. Last year, Buffett equated bitcoin to "rat poison." He said, "It doesn't do anything. It just sits there. It's like a seashell or something, and that is not an investment to me."
  • Buffett also said he has "no ambition to spend a dime" on buybacks.
  • "I don't think the country will go to socialism in 2020," Buffett added.

By the numbers: Buffett's company reported a profit of almost $21.7 billion in the first quarter of 2019, compared to a loss of $1.1 billion. These numbers don't include any profit from Kraft Heinz, which "has not made its financial statements for the first quarter of 2019 available." Buffett's company has a 26.7% stake in Kraft Heinz. In regards to Heinz, Buffett said, "there's something going on" and added that he paid too much for the company in 2015.

Go deeper: Warren Buffett enters Anadarko bidding war with $10 billion commitment

Go deeper

Updated 6 hours ago - World

U.S. airstrike kills senior al-Qaeda leader in Syria, DOD says

A displacement camp near the village of Qah in Syria's northwestern Idlib province. Photo: Ahmad Al-Atrash/AFP via Getty Images

A U.S. airstrike in northwest Syria on Friday killed senior al-Qaeda leader Abdul Hamid al-Matar, U.S. Central Command said in a statement.

Why it matters: Syria serves as a "safe haven" for the extremist group to plan external operations, according to U.S. Army Maj. John Rigsbee.

Updated 11 hours ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.