Berkshire Hathaway’s Warren Buffett has been in touch with senior officials in President Joe Biden’s administration in recent days as the regional banking crisis unfolds. Picture: BLOOMBERG
There have been multiple conversations between Biden’s team and Buffett in the past week, according to people familiar with the matter, who asked not to be identified because the information is private. The calls have centred on Buffett possibly investing in the US regional banking sector, but the billionaire has also given advice and guidance more broadly about the turmoil.
US regulators unveiled extraordinary measures to assuage customers last weekend, promising to fully pay out uninsured deposits in the failed banks. Shares in regional banks continued to fall this week on fears the pain would spread.