Senator Warren’s CEO Rant Omission, Biggest Beneficiary Was Abortion Mega-Donor
Click here to watch my recent interview with Elizabeth MacDonald on Fox Business News. One thing I didn’t get a chance to say: When Elizabeth rightly lambasted the CEO of Wells Fargo for benefiting as a major shareholder from the misdeeds of the company, she forgot to mention Wells Fargo’s far and away largest shareholder, Warren Buffett.
Buffett, through his company Berkshire Hathaway, owns almost ten percent of Wells, which makes him a vastly larger shareholder than the CEO of the company. Might her silence have something to do with the fact that Buffett is a major donor to Planned Parenthood, the Democratic Party, to Obama and to Hillary? Buffett, through his company Berkshire Hathaway, owns nearly 10% of Wells Fargo, which makes him a vastly larger shareholder and vastly greater beneficiary of any ill-gotten gains but also makes him a decisive power in electing board members, choosing the CEO and setting both policy and tone.
This is especially a problem given Buffett’s public pronouncements about how CEOs should have an ‘owner orientation’ since Wells has adopted a pattern of policies which strengthen and centralize the power of the CEO and policies which make it harder for dissenting shareholders to stand up to large shareholders who are in close relationship with management, shareholders like Buffett.
Buffett talks a lot about making corporations more democratic (small d) but in reality he has given high praise to Wells which has a dictatorial rather than democratic corporate structure. I guess there’s one philosophy for public pronouncements and another one for actual practice.
Buffett has made over the years many public statements strongly supporting Wells and Stumpf, its CEO/Chairman, despite the fact that combing the role of CEO and Chairman makes the CEO his own boss. But Democrats are utterly silent about Buffett’s role as chief enabler and chief beneficiary of Wells’ culture of power and corruption.
I urge you to read this blog where I detail in what precise ways Wells Fargo has violated basic principles of proper governance, and why the portfolios I consult on excluded that company.
Jerry Bowyer is a Forbes contributor, contributing editor of AffluentInvestor.com, and Senior Fellow in Business Economics at The Center for Cultural Leadership.
Jerry has compiled an impressive record as a leading thinker in finance and economics. He worked as an auditor and a tax consultant with Arthur Anderson, as Vice President of the Beechwood Company which is the family office associated with Federated Investors, and has consulted in various privatization efforts for Allegheny County, Pennsylvania. He founded the influential economic think tank, the Allegheny Institute, and has lectured extensively at universities, businesses and civic groups.
Jerry has been a member of three investment committees, among which is Benchmark Financial, Pittsburgh’s largest financial services firm. Jerry had been a regular commentator on Fox Business News and Fox News. He was formerly a CNBC Contributor, has guest-hosted “The Kudlow Report”, and has written for CNBC.com, National Review Online, and The Wall Street Journal, as well as many other publications. He is the author of The Bush Boom and more recently The Free Market Capitalist’s Survival Guide, published by HarperCollins. Jerry is the President of Bowyer Research.
Jerry consulted extensively with the Bush White House on matters pertaining to the recent economic crisis. He has been quoted in the New York Times, The Wall Street Journal, Forbes Magazine, The International Herald Tribune and various local newspapers. He has been a contributing editor of National Review Online, The New York Sun and Townhall Magazine. Jerry has hosted daily radio and TV programs and was one of the founding members of WQED’s On-Q Friday Roundtable. He has guest-hosted the Bill Bennett radio program as well as radio programs in Chicago, Dallas and Los Angeles.
Jerry is the former host of WorldView, a nationally syndicated Sunday-morning political talk show created on the model of Meet The Press. On WorldView, Jerry interviewed distinguished guests including the Vice President, Treasury Secretary, HUD Secretary, former Secretary of Sate Condoleezza Rice, former Presidential Advisor Carl Rove, former Attorney General Edwin Meese and publisher Steve Forbes.
Jerry has taught social ethics at Ottawa Theological Hall, public policy at Saint Vincent’s College, and guest lectured at Carnegie Mellon’s graduate Heinz School of Public Policy. In 1997 Jerry gave the commencement address at his alma mater, Robert Morris University. He was the youngest speaker in the history of the school, and the school received more requests for transcripts of Jerry’s speech than at any other time in its 120-year history.
Jerry lives in Pennsylvania with his wife, Susan, and the youngest three of their seven children.