Warren Buffett is Wells Fargo's largest and most powerful shareholder. (Berkshire Hathaway (BRKB) owns nearly 10% of the troubled bank.) So it's not a surprise that shareholders wanted to hear his thoughts on what's going on there.

In April, Buffett weighed in on what kind of CEO Wells Fargo should hire next. Now Charlie Munger shares his thoughts:

Buffett also said he wished CEOs wouldn't go away "so rich" after doing dumb things. That got applause from the crowd.