Skip to comments.Warren Buffett invests $5 billion in Bank of America, saves the day (What a joke!)
Posted on 08/25/2011 1:32:04 PM PDT by tobyhill
Warren Buffett has swooped in to save the day, this time for Bank of America. Warren Buffett's Berkshire Hathaway Inc. agreed to invest $5 billion in Bank of America Corp. to help assure investors that the company will not go under.
What's with all the recent do gooder deeds? Is this guy considering a run for president in 2012?
Probably not. By investing and "bolstering confidence" in Bank of America, Buffett will be rewarded with a handsome $300 million annually. Maybe he can use some of that to donate to his "the rich deserve to be taxed" cause.Already stocks have gone up 26 percent, meaning just by shuffling some money around, Buffett made roughly $397 million paper profit and a nice dividends-received deduction.
(Excerpt) Read more at cbsnews.com ...
Some think he is shorting Citibank stock.
He’s using the classic pump and dump. He’s not long for Bank of America with their deadbeat mortgages on the books.
BOA was short on cash and called the government. The government said NO more money. The Government called Buffet and got him to put in 5 Billion because BOA is on the “To Big To Fail” list. Why else is BOA paying 6% interest to Buffet in a 1% world?
Yep, Buffett said something like BOA is strong and well positioned. As far as I am concerned, the BOA story is the exact opposite of what Buffett’s so-called position is.
The net worth of all the nation’s billionaires is $1.3 trillion. So, Mr. Buffet, is that enough....to cover even one year’s deficit!
———Why else is BOA paying 6% interest to Buffet in a 1% world?———
He is delivering a message of the near future of rates.
Update to Lenin's name for Western capitalists Dumb ass useful idiots. "But hey! How could we Communists prosper without 'em!" The Chi-Coms.
The Chi-coms get the gold and we BoA customers get the shaft (thank you, country music for that adage).
It was a smart business decision - Buffett made a ton of money.
I’ll bet the shorts were angry!
My shorts are real angry!