Warren Buffett has made a $1 million bet that depositors will not lose money from a bank failure in the US over the next year. Speaking about the problems in the US banking system, famous tycoon and investor Warren Buffett said he was willing to bet $1 million that deposits in US banks are secured. The chairman of Berkshire Hathaway assured Americans that they should not worry about their bank deposits after the recent turmoil in the financial sector. “People should not be worried about losing their money and the deposits they have in an American bank. The US government will make sure that not a single citizen loses a cent. Bank shareholders may suffer from possible future bankruptcies but depositors will not bear losses,” Buffett said. The investor stressed that in case of serious problems, the US Congress would approve large-scale financial aid to clients of all US banks. Buffett is confident in the safety of deposits and is ready to make a bet of $ 1 million. If at least one American loses money by the end of the year because of the bank failure, the investor will donate $2 million to charity. If deposits remain safe, Buffett will keep his $2 million.
