Despite Buffett's advice, Wells Fargo goes to Wall Street for new CEO

After a half-year search, Wells Fargo hired Charles Scharf as CEO, replacing Tim Sloan who abruptly resigned in March after intense criticism from lawmakers over how he handled the bank's "fake account" scandal.

Scharf comes to Wells from Bank of New York Mellon, where he's chairman and CEO.

Warren Buffett's Berkshire Hathaway owns almost $21 billion worth of Wells stock, making it the bank's largest shareholder.

After Sloan's departure, Buffett told us that while there are Wall Street bankers "capable" for running Wells, the bank should probably look elsewhere so that Washington politicians wouldn't turn the new CEO into a "piñata." A Wall Streeter would be "poison in Washington," he predicted.

In this "Squawk Box" clip, Becky Quick and Wilfred Frost discuss why Wells Fargo didn't take Buffett's advice. 

While we haven't heard anything from Buffett about the new CEO, the stock market approved. Wells shares gained 3.8%, while BNY Mellon fell 4.5%.

Jennifer Lopez gives Warren Buffett credit for her new perfume

Jennifer Lopez says the name of her latest perfume, "Promise," was inspired by something she heard Warren Buffett say.

Us quotes Lopez as telling reporters at a press event, "About a year or two ago, I was having dinner with Warren Buffett and he told me something that really resonated with me. He said, ‘A brand is a promise.’ It’s really the foundation that kind of keeps us going.”

Lopez is starring in the well-received movie Hustlers now in theaters and was just announced as a headliner for the Super Bowl halftime show. She is engaged to baseball star Alex Rodriguez, who has been a friend of Buffett's for years, 

Justin Son: Buffett crypto lunch will be "very soon" 

In a live stream this week, TRON founder Justin Sun said his lunch with Warren Buffett will take place "very soon," reports Coin Rivet.

Sun won a charity auction by bidding $4.6 million to share a meal with Buffett. It had been scheduled for July, with several crypto execs invited to attend, but was suddenly postponed because Sun fell "ill with kidney stones." There were also reports at the time that Sun was under pressure from the Chinese government. 

BUFFETT AROUND THE INTERNET

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BERKSHIRE STOCK WATCH

Berkshire Hathaway Class A shares closed at $311,450 Friday, up 2.8% over the previous four weeks, and down 4.1% from one year ago.

Berkshire Hathaway Class B shares closed at $207.45, up 2.0% over the previous four weeks, and down 4.3% from one year ago.

The benchmark S&P 500 index closed at 2961.79, up 1.2% over the previous four weeks, and up 1.6% from one year ago.

BERKSHIRE'S TOP STOCK HOLDINGS 

Berkshire's top stock holdings by market value, based on today's closing prices. The number of shares held is as of June 30, 2019, as disclosed in the company's August 14 13F SEC filing.

The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.

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