(Reuters) - Billionaire investor Warren Buffett said a recent bribery scandal at Wal-Mart Stores Inc (WMT.N) has not changed his investment opinion about the stock.
In an interview on CNBC on Monday, Buffett characterized Wal-Mart’s troubles in Mexico as being caused by a group of bad apples who don’t represent the broader company’s values. He said such an issue “scares the dickens out of me as a CEO” of Berkshire Hathaway Inc (BRKa.N) because it could happen to any company.
As of December 31, Berkshire’s 39.04 million share stake in Wal-Mart was worth $2.33 billion.
Reporting By Lauren Tara LaCapra; editing by John Wallace