NEW YORK: Investment tycoon Warren Buffett said Saturday (May 6) that messaging from the US government over the regional banking crisis had been 'poor', suggesting that is why confidence has not returned among consumers. Four regional banks have been caught up in crisis since the beginning of March in the
- the Federal Deposit Insurance Corporation took the controversial decision to support their uninsured deposits, citing fears of contagion.
Yet, despite that extraordinary step, consumers are still worried, Buffett said at a shareholder meeting of his Berkshire Hathaway holding company. "It's been poor by the politicians who sometimes have an interest in having it poor, it's been poor by the agencies. And I'd say it's been poor by the press."
Several mid-sized banks were targeted on Wall Street, in particular PacWest, which fell 68 per cent before recovering 82 per cent in Friday's session alone.
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