Feb 15 Berkshire Hathaway Vice Chairman Charlie
Munger Says Wells Fargo
* Account-Opening scandal does not impair bank's future
* Munger says wells fargo made "mistake" by not reacting to
the news fast enough
* Munger speaking at annual meeting of his daily journal
corp in los angeles
* Munger says he and warren buffett once considered airline
industry a "joke," but that industry has improved
* Munger says he doesn't think he and warren buffett have
"gone crazy" in buying shares of apple and airlines, but instead
* Munger, asked about year-ago comment suggesting that
donald trump was not morally qualified to be u.s. President,
says "i've gotten more mellow"
* Munger says some of trump's ideas may prove constructive,
and that "he's not wrong on everything"
* munger: index funds cause "absolute agony" for investment
professionals because vast majority lag funds over time; "most
people handle that with denial"
* Munger says valeant pharmaceuticals was "too good to be
true," and it was "really interesting how many high-grade people
that took in"
* Munger says "there was a lot wrong with valeant, and it
was so aggressive"