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Warren Buffett's Berkshire Hathaway has spoken with five major financial institutions about buying tax credits, CNBC has learned.
While the billionaire investor said he could not disclose names, he said he has been buying similar credits since 1990 and will continue to do so in the future.
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CNBC.com Warren Buffett |
The Wall Street Journal reported Tuesday that Goldman Sachs [GS
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], the largest and most profitable U.S. investment bank, is in talks to buy millions of dollars of tax credits from Fannie Mae [FNM
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] and that Buffett also is involved in the talks.
The Treasury Department, which controls Fannie Mae and Freddie Mac after pouring $100 million into the housing-finance giants, may block the sale on the grounds that it wouldn't benefit taxpayers, WSJ said.
The credits allow companies to offset tax expenses so are worth little to Fannie Mae, which records losses each quarter as its value declines.
The sales would come as the public rails against government moves that aid banking giants, which are preparing to lavish big bonuses about a year after receiving trillions in taxpayer rescue funds.
Goldman, which received federal bailout money last fall, in particular has come under fire for generating out-sized profits and preparing record bonuses as the economy continues to struggle. Buffett injected $9 billion into Goldman last fall through purchases of preferred stock.
Berkshire Hathaway [BRKA
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] and Goldman could not be reached immediately for comment. Treasury officials told the paper they are still reviewing the proposal.
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—Reuters contributed to this report.
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