Warren Buffet // Current TV

AfterANewDay - The Buffet Rule

Qazi and William Kareem discuss with Ahmed the "Buffet Rule" Is it... more

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Warren Buffett demands to pay more tax

Warren Buffett has called for Congress to make him and his "mega-rich... more

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Mark Zuckerberg to Give Most of $6 Billion Fortune to Charity

Facebook founder Mark Zuckerberg has joined the ranks of America’s celebrity... more

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Warren Buffett Provides $50M for IAEA Nuclear Fuel Bank

(AP) The 35-nation board of the International Atomic Energy Agency approved an... more

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Budgeting in the United States of Me

Taxes are a lot like salaries. If you paid someone $1 million a day they'd scream... more

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CSRminute: UPS Expands Carbon Neutral Shipping Program; Microsoft Co-Founder Signs on to Buffet's Giving Pledge Program.

Summary: UPS Expands Carbon Neutral Shipping Program; Microsoft Co-Founder Paul Allen... more

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Now I Can Change The World - Episode 1 (pt 2): "Say Hello To The Philanthrocapitalists"

The second part to the premiere episode of this new online documentary series about... more

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Now I Can Change The World - Episode 1 (pt 1): "Say Hello To The Philanthrocapitalists"

They're the great minds behind Microsoft, Google, CNN and Bloomberg. They're... more

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7 stories you missed last week: Russia and Scientology, DeMint to Honduras, Bill Gates, Gitmo and more

At the end of each week we give you a rundown of seven stories you might have missed.... more

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Catholic Church Child Abuse Claims Sweep Across Europe

hitler and the vatican connection

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Weekly Audit: Doomsday for the CFPA?

By Alison Hamm, Media Consortium Blogger Just when the Democrats need to be tougher... more

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Warren Buffet Wants To Kick Me Out Of My House

Francois Meyer discusses how Warrnet Buffet wants to kick seniors our of their houses.

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Creative capitalism: A conversation with Bill Gates, Warren Buffett

~y2009m12d11-Creative-Capitalism-A-Conversation-with-Bill-Gates-Warren-Buffett-and-Othe... more

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Buffett Dismisses Government Stress Tests, Praises Wells Fargo

Berkshire Hathaway Inc. Chairman Warren Buffett dismissed the importance of the government stress tests in helping him assess banks, and said Wells Fargo & Co. will prosper no matter what the results show.

“I think I know their future, frankly, better than somebody that comes in to take a look,” Buffett said yesterday of the bank stocks that Omaha, Nebraska-based Berkshire owns. Regulators “may be using more of a checklist-type approach.”

The stress tests are designed to show whether 19 top financial firms need more capital to withstand a deterioration of economic conditions, and results are expected to be disclosed on May 7, according to a government official familiar with the plan. Buffett said he judges banks by their “dynamism” and their ability to attract deposits, and singled out San Francisco-based Wells Fargo as a “fabulous” company.

“If you look at Coca-Cola today, for example, and just looked at a balance sheet, it wouldn’t tell you anything at all about Coca-Cola,” the billionaire investor said in a Bloomberg Television interview before Berkshire’s annual meeting at Omaha’s Qwest Center. “It’s what the product is.”

Wells Fargo is Berkshire’s second-largest holding by market value after Coca-Cola Co. and the biggest bank on the U.S. West Coast. Berkshire also owns stakes in Goldman Sachs Group Inc., Bank of America Corp., the biggest U.S. bank by assets, as well as U.S. Bancorp, M&T Bank Corp. and SunTrust Banks Inc. Buffett has praised Wells Fargo for gathering funds at a low cost and taking fewer lending risks than competitors.

Competitive Advantages

“All banks aren’t alike by a long shot, and in our view Wells Fargo, among the large banks, has some advantages the others do not,” Buffett said at Berkshire’s annual meeting.

Wells Fargo has declined 33 percent this year on the New York Stock Exchange on concern the bank will take losses on loans acquired with the purchase of Wachovia Corp. The bank slashed its dividend 85 percent in March, reducing investment income for Berkshire.

Wells Fargo stock closed at $19.61 May 1 after falling below $9 in March. Buffett said he was speaking to a class the day the shares dropped that low and told students that, at such a price, “If I had to put all of my net worth into stock, that would be the stock.”

U.S. banks can’t be viewed indiscriminately, Buffett said, citing “real differences,” such as varying costs of funding, that separate strong lenders from their weaker rivals. Goldman Sachs, U.S. Bancorp and Wells Fargo have “lots of equity,” he said. All three are among the companies on the stress test list.Berkshire Hathaway Inc. Chairman Warren Buffett dismissed the importance of the... more