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 OUCH: Berkshire profit falls 24 percent, keeps Wells Fargo stake

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OUCH: Berkshire profit falls 24 percent, keeps Wells Fargo stake Vide
PostSubject: OUCH: Berkshire profit falls 24 percent, keeps Wells Fargo stake   OUCH: Berkshire profit falls 24 percent, keeps Wells Fargo stake Icon_minitimeFri Nov 04, 2016 10:36 pm
Berkshire Hathaway Inc (BRKa.N) on Friday said third-quarter profit dropped 24 percent from a year earlier, when it recorded a large one-time gain, but acquisitions helped boost operating profit at the conglomerate run by billionaire Warren Buffett.

OUCH: Berkshire profit falls 24 percent, keeps Wells Fargo stake Chart_api.asp?width=458&height=292&symbol=WFC

The company also reported a $22.1 billion stake in Wells Fargo & Co (WFC.N) as of Sept. 30, suggesting it kept its 10 percent ownership position even as the bank became embroiled in a scandal over its creation of unauthorized customer accounts.

Berkshire is Wells Fargo's largest shareholder.

Quarterly net income for Omaha, Nebraska-based Berkshire fell to $7.2 billion, or $4,379 per Class A share, from $9.43 billion, or $5,737 per share, a year earlier.

http://www.reuters.com/article/us-berkshire-hatha-results-idUSKBN12Z2NQ
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