 "Warren Buffett")
Berkshire Hathway CEO Warren Buffet on Saturday criticised the US government for handling the banking crisis in the country, reported Livemint.
He expresses his displeasure at the "very poor messaging" by the US government with regard to the ongoing regional banking crisis, the report said.
Over the past few months, four regional banks in the United States have faced a crisis. Three of them were taken over by other institutions with the help of authorities.
The Federal Deposit Insurance Corporation (FDIC) recently announced its decision to support uninsured deposits of Silicon Valley Bank (SVB) and Signature Bank.
Even as the law allows the FDIC to insure up to $250,000 of customers' deposits in eligible banks, the body insured all deposits for SVB and Signature Bank, including those beyond the legal limit.
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Buffet said at a shareholder meeting, that despite that extraordinary step by the FDIC, customers are still worried, Buffett said at a shareholder meeting of his Berkshire Hathaway holding company.
The 92-year-old billionaire said that this just shouldn't happen and blamed it on the poor messaging by the US government.
Calling out the press, politicians, and agencies, Buffet said, "It's been poor by the politicians who sometimes have an interest in having it poor, it's been poor by the agencies. And I'd say it's been poor by the press."
He said that what happened with SVB showed a government takeover with an expanded deposit guarantee that has left the public confused.
Berkshire Hathaway logged a $35.5 billion profit for the first quarter of 2023, due to strong financial markets. The multinational conglomerate owns dozens of companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
Buffet is one of the most successful investors of all time and is famously called "Oracle of Omaha".
