Was the Oracle of Omaha talking his own book on CNBC this morning? Barron’s Andrew Bary (sub. required) points out that Warren Buffett mentioned Wells Fargo and U.S. Bancorp in his marathon love-fest with Becky Quick this morning.
He doesn’t suggest Buffett was lying, just noting the positive vibes.
“Buffett said Wells Fargo and US Bancorp are earning “enormous” spreads in part because of “bargain-rate money.” He said the biggest risk with both institutions is that the government forces them to sell equity at depressed prices, diluting existing holders.”