Warren Buffett Comments on Bailout & Bank Merger Fight (BRK-A, C, WB, WFC)

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Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK-A) just told CNBC that the bailout plan was "no panacea" but that it will help avoid a total disaster.  Whether it will be a big help remains to be seen.  He also said it still will be a while before the recession bottoms.   

On the current fight between Citigroup Inc. (NYSE: C) and Wells Fargo(NYSE: WFC) over the buyout of Wachovia Corp. (NYSE: WB), Buffett saidthe Wells Fargo offer is a better deal for Wachovia holders.

Buffett also commented the he only owns two stocks personally in his own account:

  • Berkshire Hathaway (BRK-A) 
  • Wells Fargo (NYSE: WFC)

We’ll see what the total bailout package does.  Here is our own take on the bailout package which was just passed and isabout to be signed into law.

Jon C. Ogg
October 3, 2008