Warren Buffett talks banking crisis with Biden team

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The Oracle of Omaha has been in contact with Biden administration officials to offer its assistance during the current banking crisis.

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According to Bloomberg, billionaire investor Warren Buffett has held talks with President Biden’s team several times in recent days.

The calls centered around Buffett, who is presumably investing in the US regional banking sector in some way, but the billionaire

Buffett has reportedly offered advice and guidance regarding the crisis.

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The head of Berkshire Hathaway has a long history of coming to the aid of banks in distress.

Companies that Buffett has helped post include Bank of America and Goldman Sachs.

Buffett injected cash into Bank of America in 2011 when its stock plummeted amid losses linked to subprime mortgages.

In 2008, Buffett gave Goldman a $5 billion lifeline to shore up the bank following the collapse of Lehman Brothers.

Big week for money market funds amid financial turmoil

Fox Business has contacted Berkshire Hathaway for comment.

This past week, US regulators unveiled extraordinary measures to calm customers, pledging to fully pay uninsured deposits in failed banks.

Biden’s team created backstops that do not require direct government spending from taxpayers, including the actions of the Federal Reserve.

Big US banks voluntarily deposited $30 billion this week to stabilize First Republic Bank.

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The crisis began when the country’s 17th largest Silicon Valley bank was closed. FDIC as regulators a week ago Faced with a liquidity crunch following a $2 billion loss, it moved to protect customers.

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It became the biggest bank failure since the financial crisis.

Federal regulators said last Sunday that New York-based Signature Bank was being closed to protect consumers. financial system After the collapse of SVB.