Warren Buffett Talks With Biden Officials About Possible Bank Investment: Report
According to sources, billionaire investor Warren Buffett recently engaged in discussions with officials from the Biden administration concerning the banking crisis facing the United States. While nothing official has been announced, reports indicate that the conversations involved investments in the regional banking sector within the country.
The sources also suggest that Mr. Buffett, who is 92 years old, offered broad advice on how to tackle the financial situation. Additionally, conversations were had about the possibility of Buffett investing in struggling banks in order to assist in their recovery.
Warren Buffett, the world’s sixth-richest man, has reportedly communicated with the Biden administration regarding the banking crisis in the US, according to Bloomberg.
Buffett has provided advice, and the discussions were also said to have centered on the potential for Buffett to invest in struggling banks. pic.twitter.com/U0NkK1Vhn8
— The Recount (@therecount) March 19, 2023
Recent reports of the talks between Buffett and the Biden administration come in the wake of the collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank in recent weeks. To safeguard depositors, the federal government has stepped in.
Last week, Treasury Secretary Janet Yellen informed Congress that the U.S. financial system “remains sound.” Eleven major banks have also pledged $30 billion in deposits to aid struggling First Republic Bank. Nevertheless, concerns about an impending recession persist, and markets have been volatile.
Mr. Buffett has a history of stepping in to help banks in distress. For example, during the 2008 global financial crisis, Berkshire Hathaway invested $5 billion in Goldman Sachs to help stabilize it; during the 2011 debt-ceiling crisis, Buffett invested an additional $5 billion in Bank of America.
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