Billionaire investor Warren Buffett predicts more U.S. banks will fail, yet he’s so confident that not a single American depositor will lose any money in a bank collapse thanks to federal deposit insurance that he’s willing to bet $1 million on that outcome.
“We’re not through with bank failures,” Buffett said in an interview on CNBC’s “Squawk Box” on Wednesday when asked about his thoughts on the banking sector crisis that was precipitated by the recent collapse of Silicon Valley Bank (SVB).
But while the turmoil following the collapse of SVB—and later Signature Bank—may have wiped out shareholders and bank debt holders, Buffett said that everyday Americans who kept their savings in the collapsed financial institutions have been immune….