The problem, he says, is that Berkshire Hathaway would have to become a bank holding company. Berkshire already owns substantial stakes in the two banks.
Buffett says they're making a lot of money and have strong earnings power, in contrast to a company like Chrysler.Buffett's bullish statement came in response to a question on whether shareholders should get wiped out when the government steps in.
Buffett again singled out Wells Fargo for particular praise, calling it a "fabulous" bank that "will be a lot better off in a couple of years than if none of this had happened."
Recalling that Wells shares fell below $9 earlier in the year, he said at that price, "If I had put all my net worth in one stock, that would be the stock."
Current Berkshire stock prices:
Class B: [US;BRK.B 3043.95 -21.05 (-0.69%) ]
Wells Fargo: [WFC 19.61 -0.40 (-2%) ]US Bancorp: [USB 17.96 -0.26 (-1.43%) ]
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