Warren Buffett talks banking crisis with Biden team

The Oracle of Omaha has been in touch with Biden administration officials to lend his assistance during the current banking crisis.

Billionaire investor Warren Buffett has had multiple conversations with President Biden’s team in recent days, according to Bloomberg.

 The calls have centered around Buffett possibly investing in the US regional banking sector in some way, but the billionaire 

Buffett has reportedly given advice and guidance about the crisis.

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Berkshire Hathaway’s chief has a long history of stepping in to aid banks in crisis.

Among the companies Buffett has helped in the post are Bank of America and Goldman Sachs. 

Buffett gave Bank of America a cash injection in 2011 after its stock plunged amid losses tied to subprime mortgages. 

In 2008, Buffett gave Goldman a $5 billion lifeline to shore up the bank following Lehman Brothers’ collapse.

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FOX Business has reached out to Berkshire Hathaway for comment.

This past week, US regulators unveiled extraordinary measures to calm customers, promising to fully pay out uninsured deposits in the failed banks. 

Biden’s team created backstops that don’t require direct government spending from taxpayers, including the Federal Reserve’s actions. 

Big US banks voluntarily deposited $30 billion to stabilize First Republic Bank this week.

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The crisis began when Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC a week ago as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.

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It became the largest bank failure since the financial crisis. 

Federal regulators last Sunday, said New York-based Signature Bank was being shut down to protect consumers and the financial system following the collapse of SVB.

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