Credibility issue: Buffett (right) and See’s Candies president and CEO, Pat Egan, shake hands at the recent Berkshire Hathaway shareholder meeting. He says bank shareholders and executives should bear the risks of mismanagement. — AP
NEW YORK: Warren Buffett has criticised the handling of the recent tumult in the US banking sector and says a debt ceiling showdown could bring “turmoil” to the financial system, even as he offered a vote of confidence in the United States and his conglomerate Berkshire Hathaway Inc.
Speaking at Berkshire’s annual shareholder meeting, Buffett criticised how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their “very poor” messaging has unnecessarily frightened depositors.
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