Warren Buffett Watch
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The problem, he says, is that Berkshire Hathaway would have to become a bank holding company. Berkshire already owns substantial stakes in the two banks.
WARREN BUFFETT TO CNBC: "I APPLY MY OWN STRESS TEST" TO WELLS FARGO
Buffett says they're making a lot of money and have strong earnings power, in contrast to a company like Chrysler.
Buffett's bullish statement came in response to a question on whether shareholders should get wiped out when the government steps in.
Buffett again singled out Wells Fargo for particular praise, calling it a "fabulous" bank that "will be a lot better off in a couple of years than if none of this had happened."
Recalling that Wells shares fell below $9 earlier in the year, he said at that price, "If I had put all my net worth in one stock, that would be the stock."
Current Berkshire stock prices:
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Class A: [US;BRK.A
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Class B: [US;BRK.B
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Wells Fargo: [WFC
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US Bancorp: [USB
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Data is a real-time snapshot *Data is delayed at least 15 minutes