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  • relvinsharp relvinsharp Sep 10, 2008 10:57 AM Flag

    surprise, surprise...Uncle Warren

    ain't gonna insure bank deposits anymore...or at least he is getting out of that biz!

    http://www.bloomberg.com/apps/news?pid=20601208&sid=avn.tBKWQBAo&refer=finance

    <``Eventually, we aren't going to be covering any deposits in banks,'' said Chuck Towle, a senior vice president at Kansas Bankers, in an interview today.

    The move reduces Omaha, Nebraska-based Berkshire's risk from bank failures, which are running at the fastest pace in 14 years. Eleven U.S. lenders have been seized by state and national regulators this year as mortgage markets collapsed. The world's biggest financial firms have suffered more than $500 billion of writedowns and credit losses. >

    and while he has been betting on a few banks this year,

    <Berkshire's shares had their worst first half since 1990 and are down 16 percent this year. The company advanced $500, or 0.4 percent, to $118,500 at 9:31 a.m. in New York Stock Exchange composite trading. Berkshire has posted three consecutive profit declines on slumping returns from insurance. >

    it's ok, Paulson's got us covered...yeah, right!

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