They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.
Tags: better, think, mistake, future

Other Quotes by "Charlie Munger"

I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics than bad.
Tags: ethics, money, you, good
The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.
Tags: facts, remember, together, you
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned fool.
Tags: reality, fool, time, man
If any successes has come to me, it came because I insisted on thinking things through. That's all I was capable of doing in life, was thinking pretty hard about trying to get the right answer, and then acting on it. I never learned to do anything else.
Tags: never, thinking, me, life
It's a real pleasure to earn the trust of your customers slowly over time by doing what's right.
Tags: your, doing, trust, time
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