Billionaire investor Warren E. Buffett, who has championed the federal bailout of some of the nation’s leading financial firms, has also been one of the top beneficiaries of the intervention, The Sacramento Bee said.
The newspaper said that an examination of regulatory records has found that Mr. Buffett’s Berkshire Hathaway ranks fifth among all investors in companies assisted by the government’s $700 billion Troubled Asset Relief Program.
The Bee said that Berkshire Hathaway owns stock valued at more than $13 billion in the top recipients of TARP funds, including Goldman Sachs Group, US Bancorp, American Express and Bank of America, which analysts all thought were in deep trouble before TARP was approved in October.
However, Mr. Buffett hasn’t been secretive about the fact.
“If I didn’t think the government was going to act, I would not be doing anything this week,” Mr. Buffett told CNBC last year after investing $5 billion in Goldman Sachs. “I am, to some extent, betting on the fact that the government will do the rational thing here and act promptly.”
Go to Article from The Sacramento Bee via The San Francisco Chronicle »
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