The administration of the President of the United States, Joe Biden has reportedly sought 'advice' from the Chairman of Berkshire Hathaway, Warren Buffett regarding the ongoing banking crisis.
According to sources close to the matter, senior officials in the Biden administration are said to have held discussions with Buffett last week.
However, there were no further details on how the talks went, with the White House and Berkshire Hathaway not commenting on the report.
The recent collapse of Silicon Valley Bank and Signature Bank has had a significant impact on the banking sector, leading to a loss of investor confidence and a massive sell-off in bank stocks.
That streak, it would not be surprising if the Biden administration sought Buffett's advice to deal with this crisis since the world billionaire also has a history of intervention that helped banks in turmoil.
If you remember, he used to inject capital into Bank of America Corp after its stock plummeted due to losses linked to subprime mortgages.
Not only that, but during the 2008 financial crisis, Buffett also gave Goldman Sachs a $5 billion bailout to support the bank from suffering the same fate as Lehman Brothers.
