February 14, 2018 / 8:12 PM / a year ago

BRIEF-Charlie Munger urges regulators to ease up on Wells Fargo, praises Amazon-Berkshire-JPMorgan health care efforts

Feb 14 (Reuters) - Charlie munger says it is time for regulators to “let up” on wells fargo — Munger comments on wells fargo at annual meeting of daily journal corp, which he chairs Munger says wells fargo had improper incentive systems and was too slow to address bad news, but will end up “better off” for having made mistakes Munger says u.s. Health care system is “out of control on the cost side” Munger says health care system leads to behavior that is not just “regrettable,” but “evil” Munger says “it’s not right to bleed so much money out of our dying people” Munger endorses joint effort by berkshire, amazon.com and jpmorgan chase to improve health care: “i’m all for somebody trying to figure it out” Munger says banking is a “dangerous” place to invest, citing temptations for ceos to focus on short term Munger says general electric’s recent struggles may stem in part from practice of rotating executives through different assignments Munger says he is concerned about rising level of u.s. Government debt, calling it “new territory for us” Munger says rising debt levels could lead to higher inflation Munger says long-term u.s. Treasuries are a losing bet over the long haul Munger calls tiffany, hershey “great companies,” but says investing in them depends on the price: “i can buy the candy but i can’t buy the company” Munger says does not believe artificial intelligence is sure to create “economic revolution,” and that he has gotten through life by using “organized common sense” Munger says he regards bitcoin “craze” as “totally asinine” Munger says “bitcoin is noxious poison” Munger says the right approach to bitcoin is to “step on it hard,” and that “it’s the government’s job” Munger praises “groupies” who stood to listen to him for two hours at daily journal meeting, saying “i wouldn’t stand up to listen to isaac newton for two hours if he came back” Daily journal annual meeting ends

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