WASHINGTON — Berkshire Hathaway Inc.’s Warren Buffett has been in touch with senior officials in President Joe Biden’s administration in recent days as the regional banking crisis unfolds.
The outreach between Buffett and the administration was described by people familiar with the matter, who asked not to be identified discussing private information. It wasn’t immediately clear what role, if any, the billionaire investor may play to contain the crisis after the failures of Silicon Valley Bank, Signature Bank and Silvergate Capital Corp.
Buffett has a long history of stepping in to aid banks in crisis, leveraging his cult investing status and financial heft to restore confidence in ailing companies. Bank of America Corp. won a capital injection from Buffett in 2011 after its stock plunged amid losses tied to subprime mortgages. Buffett also tossed a $5 billion lifeline to Goldman Sachs Group Inc. in 2008 to shore up the bank following Lehman Brothers Holdings Inc.’s collapse.
