Warren Buffett says big banks will split
Warren Buffett told Fox Business Network Thursday that big investment banks such as Goldman Sachs Group (GS) are likely to split off government-chartered banking operations if regulations proposed by President Barack Obama take effect. “It would be logical that they would do so,” said Buffett, chairman of Berkshire Hathaway Inc. (BRKA, BRKB). Buffett said he never had any problems with the old Glass-Steagall rules which largely kept commerical banks out of investment operations.
Buffett also told Fox Business that he doesn’t plan to sell off his holdings in Goldman Sachs, and that he foresees holding the shares at least five years.
Buffett said chief executives of big banks should be held accountable for excessive risk and for losses, instead of taxpayers and shareholders bearing all the burden.
He said Berkshire Hathaway, whose class B shares just underwent a 50-to-one split, will continue using stock and cash to buy companies.
Have you noticed the discrepancies between the 13F SEC filing Berkshire makes:
http://pseudoconservativewatch.blogspot.com/
and the stock holdings as shown in Warren Buffett’s letter to shareholders:
http://www.berkshirehathaway.com/letters/2009ltr.pdf
Both of these documents are reporting as of 12/31/2009 but there are quite a few discrepancies in the no. of shares owned that they report, a couple of examples:
The 13F shows BRK owns 320+ Mil shares of Wells Fargo and that is what most internet sites who follow Buffett’s portfolio report, however, Buffett’s letter shows 334+ mil shares owned. So which is it and why the discrepancy?
In the case of Sanofi Aventis the shareholder letter lists 25+ mil shares and the 13F shows 12+ mil shares.
There are quite a few more such discrepancies.