Is legendary stock investor Warren Buffett worried about additional bank failures in the United States? According to Reuters’ Sweta Singh this morning:

Billionaire investor Warren Buffett’s Berkshire Hathaway Inc has told one of its units to stop insuring bank deposits above the amount guaranteed by the U.S. federal government, the Wall Street Journal reported.

The subsidiary, Kansas Bankers Surety Co, is notifying about 1,500 banks in more than 30 states that it will no longer offer a program called “bank deposit guaranty bonds.”

The order was made on Monday by Buffett, Berkshire Hathaway’s chief executive, two people briefed on the matter told the Journal.

Source:

“Berkshire tightens insurance for bank deposits: report”
Sweta Singh
Reuters, September 10, 2008

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