The bank said last fall that its employees opened up 2 million bank accounts without customer approval to meet unrealistic sales goals.
Speaking at Berkshire's annual shareholders' meeting in Omaha, Buffett said his federal income taxes previous year would have gone down 17 percent had the new law been in effect.
Berkshire is Wells Fargo's biggest shareholder. "You can tell us apart, because he can hear and I can see".
It's hard to say exactly how much Berkshire Hathaway would benefit from a major tax cut.
At the Berkshire annual shareholders' meeting on Saturday, Mr. Buffett admitted he was wrong to think International Business Machines Corp "would do better" six years ago, when he started amassing an 81 million share stake.
"The main problem was they didn't act when they learned about it", Buffett said. Buffett said that Trump's new health care plan is "a huge tax cut for guys like me".
The billionaire nonetheless expressed sympathy for the proposal at Berkshire's annual meeting, expressing strong opposition to the U.S. Supreme Court's 2010 decision in the Citizens United case, which allowed unlimited independent spending by corporations and labor unions in election campaigns.
Around 40,000 investors around the world over the weekend came to Omaha to attend Berkshire's annual meeting.
Always Dreaming wins the 143rd Kentucky Derby race
The race was run under mostly sunny skies, but the track was labeled sloppy because of rain on Friday and Saturday morning. They are no longer as young as they once were. "So when you can win when everybody is watching, it makes it better".
Buffett and Munger took questions after the traditional shareholder movie, and after Buffett had roamed a nearby exhibit hall featuring products from Berkshire companies.
"The huge money is in selling people the idea that you can do something magical for them", Buffett said.
While Buffett acknowledged that tax cuts would benefit his shareholders - although not all of them - he also called medical costs "the tapeworm of American economic competitiveness". But, he quipped, "that's because we've got more good companies".
"It was bad enough having a bad system", Buffett said.
And if Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price. He said one of the most important qualities his successor will need is a talent for wisely investing Berkshire's cash. He wrote that investors were effectively saying: "Don't send us a dividend but instead reinvest all of the earnings".
Other recent Berkshire subsidiary CEO turnovers include Cathy Baron Tamraz, who retired as CEO of press-release distributor Business Wire Inc., and was succeeded by Geff Scott.
Buffett is the celebrity that everyone wants to get close to at the meeting. 'I did not think [Bezos] could succeed on the scale he has'.