Warren Buffett Comments on Bailout & Bank Merger Fight (BRK-A, C, WB, WFC)

Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK-A) just told CNBC that the bailout plan was "no panacea" but that it will help avoid a total disaster.  Whether it will be a big help remains to be seen.  He also said it still will be a while before the recession bottoms.   

On the current fight between Citigroup Inc. (NYSE: C) and Wells Fargo(NYSE: WFC) over the buyout of Wachovia Corp. (NYSE: WB), Buffett saidthe Wells Fargo offer is a better deal for Wachovia holders.

Buffett also commented the he only owns two stocks personally in his own account:

• Berkshire Hathaway (BRK-A) 
• Wells Fargo (NYSE: WFC)

We’ll see what the total bailout package does.  Here is our own take on the bailout package which was just passed and isabout to be signed into law.

• Buffett on General Electric stake
• Buffett on helping AIG unit
• Buffett on Goldman Sachs Stake
• His last reported holdings

Jon C. Ogg
October 3, 2008