Buffett Just Boosted His Wells Fargo Stake To 10%

Billionaire investor Warren Buffet raised its stake in Wells Fargo & Co

to 10 percent, a level that would invite a Fed review over his investment in the San Francisco, California-based bank. According to regulatory filings, Buffet's investment arm Berkshire Hathaway Inc.

owns 506.3 million shares of Wells Fargo. http://www.sec.gov/Archives/edgar/data/72971/000119312516519785/d140932dsc13ga.htm A Reuters report shows that Buffet's stake has increased from 6.5 percent at the end of 2009 and 9.8 percent as of Dec. 31. http://in.reuters.com/article/berkshire-wellsfargo-idINKCN0WU1T3 Meanwhile, the U.S. Treasury Department has said it will not deem a 10 percent stake to result in "control" of a big bank if the investor agrees in writing to limits on its involvement. In the filing, Buffet has certified that "the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities (Wells Fargo)." Shares of Wells Fargo were down 1 percent at $48.20.