CNBC TRANSCRIPT: Warren Buffett Warns Rescue Package Won't Be "Panacea" for Troubled Economy

BUFFETT: Well, now you know. Yeah, it was Wells Fargo. (Laughs.) We've added quite a bit to our holdings since the start of the year.

BECKY: Added quite a bit to Wells Fargo -- Have you added to your own personal holdings in Wells, too?

BUFFETT: Yeah, I bought -- The first domestic stock that I can remember buying, I don't know, in a decade or two. But there was a time that Wells got down into the low 20s and so I couldn't resist. I bought some myself. I keep most of my money in Treasury bonds, except for Berkshire Hathaway, but I did buy some Wells.

BECKY: OK, very quickly. Do you know if the FDIC, or Sheila Bair, or anyone else there, has spoken with officials at Wells about this deal?

BUFFETT: I really, I really don't know that. I've been attending a Fortune women's conference in San Diego where they had 250 women and I was the only man. So I've been pretty busy. (Laughs.) For a guy who couldn't get a date in high school, it's been heaven, I have to tell you.

BECKY: Erin, do you have a last question for Mr. Buffett, too?

ERIN: I'd love one more, thanks a lot, Becks. Mr. Buffett, my question was just this. Are you concerned at all that we're ending up in a system where banks that people had thought weren't that strong, and people questioned their business model, for example a Citigroup, that we're going to end up in a country where we really have three huge megabanks, and then a lot of smaller ones. Are you worried about the trend?

BUFFETT: No, well, I, no, I don't think that's a great problem. There is a lot of competition among the big banks. There's still over 8000 banks in the United States. The number will come down somewhat. But it's a plenty competitive business. So I have no worry about the fact that there's undue concentration.

ERIN: Mr. Buffett, thanks so much, and Becky, thank you very much.

Current stock prices:

Berkshire Class A:

Berkshire Class B:

General Electric:

Goldman Sachs:

Wells Fargo:

Wachovia:

Citigroup:

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