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Buffett: U.S. Banks Won't Cause Problems for Economy

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January 10, 2013 | Comments (1)

OMAHA, Neb. (AP) -- Billionaire Warren Buffett says American banks are stronger than they've been in years and won't derail the economy.

Buffett, who is the chairman and CEO of Berkshire Hathaway (NYSE: BRK-A  ) (NYSE: BRK-B  ) , told Bloomberg television that he guarantees "the banks will not get this country in trouble."

Berkshire Hathaway has large investments in Wells Fargo (NYSE: WFC  ) , US Bancorp (NYSE: USB  ) and Bank of America (NYSE: BAC  ) , and Buffett pays close attention to their condition. Berkshire also holds warrants to buy $5 billion in Goldman Sachs (NYSE: GS  ) shares.

Buffett says the banks have largely cleared out the bad assets that hurt their balance sheets. And the current low interest rates have helped them.

The country's 19 biggest banks are about to undergo the Federal Reserve's "stress tests" to see whether they could withstand a severe U.S. recession.

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The Motley Fool recommends Berkshire Hathaway, Goldman Sachs Group, and Wells Fargo & Company. The Motley Fool owns shares of Bank of America, Berkshire Hathaway, and Wells Fargo & Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.


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  • Report this Comment On January 10, 2013, at 1:19 PM, StopPrintinMoney wrote:

    Oh the political whore is talking again ... this time to assure us we're safe and out of the financial crisis. What a relief !

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Related Tickers

5/17/2013 4:00 PM
BRK-B $113.02 Up +1.48 +1.33%
Berkshire Hathaway CAPS Rating: *****
BRK-A $169400.00 Up +2097.00 +1.25%
Berkshire Hathaway… CAPS Rating: ****
USB $34.67 Up +0.36 +1.05%
US Bancorp CAPS Rating: *****
WFC $39.88 Up +0.62 +1.58%
Wells Fargo CAPS Rating: ****
BAC $13.43 Up +0.07 +0.52%
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GS $158.18 Up +3.71 +2.40%
Goldman Sachs CAPS Rating: ***

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