Warren Buffett, the revered investor, has criticised the Obama administration's stress tests on the 19 largest US banks, arguing that a one-size-fits-all attempt to identify capital shortfalls was inappropriate.
Although Mr Buffett earlier commended the government handling of the financial crisis in general, the high-profile losses at Citigroup had distorted perceptions of smaller banks with different business models, he said yesterday, after the annual meeting on Saturday of Berkshire Hathaway, his insurance and investment conglomerate.
