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HomeBusinessWarren Buffet in talks with Biden’s White House on regional banks’ investments,...

Warren Buffet in talks with Biden’s White House on regional banks’ investments, report say

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Berkshire Hathaway Inc.’s Warren Buffet is a respected and astute investor in the U.S. and could invest in regional banks that are facing financial crises. According to a report by a renowned outlet, the billionaire has been talking to the Biden administration about a possible investment in regional banks.

According to a report in Bloomberg on Saturday, Warren Buffet has had several talks with senior officials in the Biden administration. People familiar with the matter have also told other outlets about these discussions, on the condition of anonymity, as talks have not been finalized yet nor have the investments. The White House and the US Treasury declined to comment on the matter.

Earlier on March 10, both SVB and Signature Bank were taken over by the Federal Deposit Insurance Corporation. Regional banks stock fell last week after Biden told investors that SVB and Signature Bank would not get a “bail out.”

Last week, the shares of First Republic collapsed by more than two thirds of their current value. On Thursday, leading American Banks such as JP Morgan, Bank of America, Wells Fargo and Citibank deposited a total of above $30 billion, but their deposits could not prevent the slide of the stock.

Bloomberg has reported that an investment by Buffet’s Berkshire Hathaway would restore confidence in regional banks without a direct buyout.

Warren Buffet has helped several banks in the past. In September 2008, when Goldman Sachs was at the height of its financial crisis, Berkshire Hathaway invested $5 billion and acquired a stake. In October, in the same year, Buffet invested $3 billion in General Electric.

Just over a decade ago, when the 2011 US debt-ceiling crisis was on, Warren Buffet invested $5 billion in the Bank of America. Berkshire Hathaway received shares and options in the bank.

If the legendary investor decides to invest in regional banks, there is a high possibility that the slide in shares of regional banks will stop or decrease. Warren Buffet remains an extremely respected investor in the US, as well as around the world.

Berkshire Hathaway also declined to comment.

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