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Buffett cuts risk from bank failures

Business Briefing / INSURANCE

September 11, 2008|From Times Staff and Wire Reports

Warren E. Buffett's Berkshire Hathaway Inc. will stop selling insurance to lenders through its Kansas Bankers Surety Co. unit for deposits beyond the Federal Deposit Insurance Corp. limits.

"Eventually, we aren't going to be covering any deposits in banks," said Chuck Towle, an executive at Kansas Bankers.

The move reduces Berkshire's risk from bank failures, which are running at the fastest pace in 14 years.

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