'Nobody is going to lose money on a deposit in a U.S. bank...it's not going to happen,' Warren Buffett tells BeckyQuick.
The collapse of Silicon Valley Bank and Signature Bank last month — thein U.S. history — prompted extraordinary rescue action from regulators, who backstopped all deposits in the failed lenders and provided an additional funding facility for troubled banks.
"Bankers have been tempted to do that forever," Buffett said. "Accounting procedures have driven some bankers to do some things that have helped their current earnings a little bit and caused the recurring temptation to do get a little bit bigger spread on record, a little more than earnings." But the 92-year-old investor said there was unnecessary fear and panic about depositors losing their money, when the system is set up to protect the entire nation's deposits.
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