November 17, 2010 / 8:33 AM / 9 years ago

Warren Buffett praises bailout efforts: report

Billionaire financier and Berkshire Hathaway Chief Executive Warren Buffett attends the national launch of the BYD M6 vehicle in Beijing September 29, 2010. REUTERS/Jason Lee

BANGALORE (Reuters) - Warren Buffett praised the U.S. government’s efforts to bail out the economy during the financial crisis two years ago, preventing an economic collapse.

In a letter published by the New York Times, Buffett wrote that all corporate America’s dominoes were lined up and were ready to topple at lightning speed in the aftermath of Lehman Brothers bankruptcy in September 2008.

“My own company, Berkshire Hathaway (BRKa.N), might have been the last to fall, but that distinction provided little solace,” Buffett, nicknamed the Oracle of Omaha, said.

He said the U.S. government’s decision to buy up assets that many investors considered to be toxic had helped pull back the economy from the brink of collapse.

Buffett commended the architects of the bailout program including Federal Reserve Chairman Ben Bernanke and praised U.S. President George W. Bush for leading the program even as Congress “postured and squabbled.”

Reporting by Sakthi Prasad in Bangalore; Editing by David Holmes

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