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Warren Buffett sold most of his bank stocks except for one — Bank of America. The Berkshire chairman and CEO held on to shares of Bank of America even after recently offloading other large bank stocks, including U.S. Bancorp, Wells Fargo, Goldman Sachs and JPMorgan. The 92-year-old investor said depositors can rest assured their funds remain safe in the wake of the Silicon Valley Bank and Signature Bank collapse last month. But he criticized the banking system for historically failing to punish its corporate leaders, such as during the 2008 financial crisis. “It’s incredibly important that your banking system run well in the country. It just isn’t gonna work unless you have a banking system that works, and you don’t want them to create periodic crises unnecessarily,” Buffett told CNBC’s Becky Quick on “Squawk Box” Wednesday while visiting Tokyo. However, Buffett said he approves of the leadership at Bank of America. As of December, Berkshire Hathaway had a 12.9% stake in Bank of America worth about $29.7 billion, according to CNBC’s Berkshire Hathaway portfolio tracker . “I invited myself in, many years earlier, and they made a very decent deal for us. And I like Brian Moynihan enormously, and I just don’t want to, I don’t want to sell it,” Buffett said.
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