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Submit comment From correspondents in Omaha
May 05, 2008 08:07am
WARREN Buffett does not expect financial markets to panic as write-downs and losses for bad debts mount in the financial services industry, but said overnight those losses were not over "by a long shot."

The world's richest person, who runs Berkshire Hathaway Inc, said at a press conference the US Federal Reserve brought markets back from a precipice in March in helping broker JPMorgan Chase purchase of Bear Stearns, which was on the brink of bankruptcy.

"There's going to be more pain, sure," Mr Buffett said.

"The action of the Fed, in terms of Bear Stearns, prevented in my opinion the contagion where you're essentially going to have bank runs on the investment banks ... The idea of a financial panic ... has been pretty well taken care of. That was a watershed event."

"That doesn't mean the losses are over by a long shot ... We've looked at some of the investment banks, and it's clear some more losses are going to be incurred."

Mr Buffett also praised Wells Fargo, the US’s fifth-largest bank. Berkshire is by far the bank's largest shareholder. "I predict Wells will be earning a lot more money 10 years from now," he said.