If this doesn't flag WARNING.....nothing will!!!!!!!!!
Berkshire Hathaway subsidary in Kansas to stop insuring bank deposits above FDIC limit
CHARLOTTE, N.C. (AP) -- A Kansas company that is part of Warren Buffett's Berkshire Hathaway Inc. has stopped selling private bank deposit insurance above the amount guaranteed by the federal government, signaling that billionaire investor Buffett may be worried about future bank failures.
Kansas Bankers Surety Co. confirmed Wednesday that it has ceased soliciting new clients for their "bank deposit guaranty bonds," a product that backs deposits above the $100,000 limit that is guaranteed by the Federal Deposit Insurance Corp. for many bank accounts.
It also plans to cancel existing policies in coming months.
The key part is the last sentence. Basically, Buffett is shutting down his banking insurance business. There are not many people in the world that can analyze banks as well as Warren Buffett.
Basically he has lost confidence in his ability to insure bank deposits profitably. If Buffett is worried about banks......shouldn't we?????
If the banking system is suspect.....isn't the foundation of our entire economic system suspect????