Buffett is bullish on his banks

Tim Catts

Warren Buffett is bullish on his banks. The Berkshire Hathaway (BRK.A) CEO and second-richest man in the world would love to boost his company's stakes in Wells Fargo (WFC), US Bancorp (USB) and M&T Bank (MTB) because their shares are so attractively priced, he said at Berkshire's annual meeting over the weekend.

Buffett's remarks are one of the forces that pushed bank stocks up today, but subsequent events have already exposed some flaws in the Oracle of Omaha's ability to foretell the future. Just a day after he confidently asserted that none of the banks would need more capital, there are whispers that regulators will tell Wells Fargo it must raise $10 billion in equity to buffer it against future losses.