A billionaire in his own right, he was the vice chairman of Mr. Buffett’s hugely successful investment firm Berkshire Hathaway. But he had far more influence than his title suggested.
The last crisis, in 2011, led to a credit downgrade that sank stocks. This time, Treasury Secretary Janet Yellen has warned of a “financial catastrophe.”
The lending giant’s shares jumped on the news that it is buying First Republic. But investors are watching to see if the deal ends the regional banking crisis.