According to sources, there has been a group that seeks in buying Citigroup Inc. and billionaire Warren Buffet has been speculated to be at the helm of that particular group.

Leucadia National Corporation and Centerbridge Partners LLC have been joined by the Berkshire Hathaway Inc. owned by Buffett in bidding for Citigroup Inc., formerly known as CitiFinancial. However, sources did not yet reveal much information because the discussions between the companies have been private. Also, Buffett claimed that he’s looking for purchases, saying that he has $41.2 billion for supporting his offer.

Vikram Pandit, the chief executive officer of Citigroup has already tagged CitiFinancial and other holdings that had problems in sales following their bailout of $45 billion in 2008. Today, it is known as OneMain, since 2009, its pretax losses totaled not more than $1.3 billion. The people were already briefed about the bidding saying that the bank’s value is not more than $2 billion, net of accountabilities.

YCMNET Advisors’ chief investment strategist Michael Yoshikami expressed that Citigroup needs to get out of their accountabilities and have a fresh start.  YCMNET Advisors is a wealth management firm located in California which holds the shares of Citigroup and Berkshire. Additionally, Berkshire is planning in buying something which the market distinguishes as broken, although they have sufficient capital in order to keep up.