Now we know why Buffet has been so happy with Obama.
Warren Buffett's stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/
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Warren Buffett made a deal with BOA, whereby BOA issued him 5 billion
dollars of 6% preferred stock. The deal was good for BOA, which allow
BOA to increase its reserves to booster its firewall against new US
regulations requiring big banks to increase their reserves, and against
the possible contagious threat that the EU debt crisis and slow world
economy might infect the US economy.
Buffett's $5,000,000,000 of BOA's preferred stock carries options that
allow Warren Buffett to covert it into BOA common stock at $8.00 or$8.50
per share, (eg not sure about the exact conversion price, somewhere in
this range). It was a very sweet deal for all parties involved, but
especially for Warren Buffett.
$154,000,000
------------------------- = 3.08% gain is that big of a deal. LOL
$5,000.000,000
Regards,
LelandJ
On 02/10/2012 10:34 PM, Nicholas Geti wrote:
> Now we know why Buffet has been so happy with Obama.
>
> Warren Buffett's stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
>
> http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/
>
>
>
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Whoops, that should be:
$154,000,000
------------------------- = 3.08%
$5,000.000,000
A 3.08% gain is not that big of a deal.
Regards,
LelandJ
On 02/11/2012 08:45 AM, lelandj wrote:
> Warren Buffett made a deal with BOA, whereby BOA issued him 5 billion
> dollars of 6% preferred stock. The deal was good for BOA, which allow
> BOA to increase its reserves to booster its firewall against new US
> regulations requiring big banks to increase their reserves, and against
> the possible contagious threat that the EU debt crisis and slow world
> economy might infect the US economy.
>
> Buffett's $5,000,000,000 of BOA's preferred stock carries options that
> allow Warren Buffett to covert it into BOA common stock at $8.00 or$8.50
> per share, (eg not sure about the exact conversion price, somewhere in
> this range). It was a very sweet deal for all parties involved, but
> especially for Warren Buffett.
>
> $154,000,000
> ------------------------- = 3.08% gain is that big of a deal. LOL
> $5,000.000,000
>
>
> Regards,
>
> LelandJ
>
>
> On 02/10/2012 10:34 PM, Nicholas Geti wrote:
>> Now we know why Buffet has been so happy with Obama.
>>
>> Warren Buffett's stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
>>
>> http://freebeacon.com/warren-buffetts-net-worth-jumps-154m-thanks-to-mortgage-settlement/
>>
>>
>>
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