Buffett slams US govt’s ‘poor’ handling of banking crisis

[superadmin]

NEW YORK: Investment tycoon Warren Buffett said yesterday 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 US, three of them subsequently taken over by other institutions with the help of authorities.

For two of them – Silicon Valley Bank (SVB) and Signature Bank – the federal deposit insurance corporation (FDIC) took the controversial decision to support their uninsured deposits, citing fears of contagion.

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