By Jonathan Stempel OMAHA, Neb. (Reuters) - Warren Buffett on Saturday rejected the idea that Berkshire Hathaway Inc, a sprawling conglomerate he has built over 50 years, has grown so big that it is now too big to fail and requires tighter regulatory oversight. "There is no reason, in logic or in terms of what we've heard, to think that Berkshire would be designated as a SIFI," Buffett said at Berkshire's annual meeting, using the acronym for systemically important financial institution. "I do not think Berkshire comes within miles of qualifying as a SIFI." The SIFI designation forces companies to submit to Federal Reserve oversight, and could make them adopt tighter capital and liquidity requirements that could impede growth and profitability. Buffett and his second-in-command, Charlie Munger, were fielding questions at the annual shareholder meeting. Buffett was responding to a question about how the SIFI designation would affect Berkshire. The focus on Berkshire's size has grown over the years as Berkshire has amassed more than 80 businesses, including capital-intensive businesses such as the Burlington Northern railroad, and units that insure against major catastrophes. Those catastrophes can be costly, and both the September 11 attacks on the World Trade Center and Pentagon as well as Hurricane Katrina in 2005 cost Berkshire billions of dollars. Buffett, however, has pledged to maintain a $20 billion cash cushion at Berkshire - it has $63.7 billion now - to protect against such problems. Moreover, Berkshire gained a reputation during the global financial crisis as a source of liquidity, investing in companies as diverse as Goldman Sachs Group Inc, General Electric Co and motorcycle maker Harley-Davidson Inc. Other companies with big insurance operations that have the SIFI moniker include American International Group Inc, MetLife Inc and Prudential Financial Inc. MetLife is suing to reverse that designation. (Editing by Jennifer Ablan and Matthew Lewis)
The investigation may pertain to her attendance of the 2021 Met Gala. Her office told Insider they're "confident that this matter will be dismissed."
- Business Insider
Liz Cheney resurfaced Paul Gosar's deleted tweet supporting Donald Trump's call to terminate the US Constitution: 'Time to condemn Trump yet?'
Donald Trump suggested the "termination" of rules and regulations in the Constitution that led to disputed voter fraud in the 2020 election.
- The Daily Beast
Tom Williams/CQ-Roll Call, Inc via Getty ImagesPolice and medical personnel were called to the Texas home of Sen. Ted Cruz Tuesday night after reports of a 14-year-old girl at the property suffering from self-inflicted stab wounds to her arms.The teen was taken to the hospital shortly after. It’s unclear who the girl was—though Cruz does have two daughters: Catherine, 11, and Caroline, 14.In a response to The Daily Beast, a representative for his office said: “This is a family matter, and thankf
- Yahoo Canada Style
The designer showed off a high-fashion look in her latest Instagram post.
- The Hill
Police are warning the public as a spike in violent "bank jugging" robberies is on the rise across Southern California, especially during the holidays.
- The Advocate
A representative for the GOP senator said there weren't any serious injuries.
Kate Middleton just rocked a chic new hairstyle, and we have a feeling it was to complement her stunning tiara. This week, the Princess of Wales attended a Diplomatic Corps reception at Buckingham Palace alongside her husband, Prince William. The royal opted against her signature hairstyle, which typically includes beachy waves and a middle part. Instead, she rocked a sleek ’do that accentuated her tiara. (Coincidence? We think not.) Victoria Jones/Pool/Getty Images Since the tiara sat about an
Kirstie Alley Only ‘Recently Discovered’ Her Cancer Before She Died—Here’s the Form She Was Diagnosed With
Her friend and co-star John Travolta called her one of the "most special relationships I’ve ever had."
Elizabeth Hurley, 56, shows off her incredibly toned abs as she poses in a string bikini for an IG photo. Her fitness routine includes logging. (Yes, logging.)
- Fox News
People's Choice Awards: Shania Twain and Olivia Wilde go sheer on red carpet ahead of music icon's honors
Shania Twain, Olivia Wilde and Heidi Klum walked the red carpet where Lizzo and Ryan Reynolds were to be honored at 48th People's Choice Awards hosted by Kenan Thompson.
Herschel Walker's son says Trump called his father for months demanding that he run, while 'everyone with a brain' begged him not to
Herschel Walker was dogged during his Georgia Senate campaign by allegations including that he paid for women to have abortions.
- Country Living
Prince William is very "angry" over the Sussexes Netflix docuseries, Harry & Meghan, and the royal shave shifted to "genuine combat mode."
Hint: He "will not be moving to Washington."
- Town & Country
The Princess of Wales paired the red dress with the Lotus Flower Tiara and Queen Elizabeth's diamond earrings for Tuesday night's reception at Buckingham Palace. See the look.
- Ukrayinska Pravda
Up to 10 Tu-22M bombers have disappeared from the Russian Dyagilevo military airbase in Ryazan Oblast. Source: Mark Krutov, journalist of the Russian editorial office of Radio Free Europe/Radio Liberty, on Twitter Details: Krutov published the pictures taken on 7 December.
- The Wrap
‘The View': Whoopi Mocks Possible $1.6 Million Fines of Trump Organization After Tax Fraud Conviction: ‘I Could Pay That!’
Whoopi joked she might even be able to afford the civil suit against Trump
How Kate Middleton and Prince William Broke Their Social Media Silence After the 'Harry & Meghan' Trailer Release
Prince William and Kate Middleton’s much-hyped Boston tour took a bit of a backseat to the trailers for Meghan Markle and Prince Harry’s Netflix documentary, but the Prince and Princess of Wales made their first social media posts following the 'Harry & Meghan' trailer release on Monday particularly interesting—and telling.
Princess Diana’s Former Butler Has a Harsh Suggestion for How Meghan Markle & Prince Harry Should Be Punished Over Bombshell Docuseries
Royalists are foaming at the mouth just waiting for Prince Harry and Meghan Markle’s Netflix docuseries to premiere. They are ready to criticize the Sussexes at every turn, but Princess Diana’s former butler Paul Burrell wants to be heard ahead of the drama. He went to the thorn in the Sussexes’ side, Piers Morgan, to […]
- LA Times
Five women, including two "Cosby Show" actors, have filed a sexual assault lawsuit against disgraced comedian Bill Cosby, NBC and TV companies.
“Oh my god, now I have to live with this,” the actress — who died on Monday at age 71 — told Larry King in an interview in 2010