The Berkshire Hathaway CEO, speaking over the weekend at his annual meeting with his firm's shareholders in Omaha, declared his support for Goldman Sachs CEO Lloyd Blankfein and said he had no plans to sell his stake in the bank.

"There's really no reason to think about somebody else running Goldman," said Buffett when asked whether an ongoing Securities and Exchange Commission civil fraud probe of the bank undermined Blankfein's leadership.

The lawsuit accuses Goldman Sachs of defrauding investors by failing to disclose alleged conflicts of interest in mortgage investments the bank sold as the housing market collapsed. Blankfein and other executives have defended their bank's handling of the deals.

Continued high-profile support from Buffett, a major Goldman Sachs investor, could prompt second thoughts among investors who dumped the bank's shares since the charges were filed, said Jeffrey Matthews, general partner of hedge fund Ram Partners.

"It certainly adds something to the mix, because the support was so strong, and it came from a guy who has enormous credibility, both financially and ethically," said Matthews, who is also the author of Pilgrimage to Warren Buffett's Omaha.

But Vahan Janjigian, chief investment strategist for Forbes, predicted Buffett's endorsement would have "absolutely no impact," because "he's said the same thing a number of times in the past."

"Federal investigators will continue their case, and investors will look at that and make their decisions," said Janjigian.