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IPFS News Link • Economy - Economics USA

"The Oracle of Omaha" Infuses BofA With $5 Billion in Badly Needed Cash

08-25-2011 • Businessinsider.com

Buffett's Berkshire has agreed to buy 50,000 preferred shares of Bank of America for $5 billion. That means he's paying $100,000 per share. Buffett says it's not just a vote of confidence in Bank of America, but in the U.S., according to Becky Quick on CNBC. It's a better deal for Bank of America than Buffett gave to Goldman Sachs in some ways, he says. And get this - he dreamt up the idea to invest in Bank of America yesterday - in the bathtub. Bank of America is up 24.32% so far. But it's still nowhere near where it was months ago. Word is that Treasury did not have a hand in this monumental move for Bank of America, based on Buffett's comment that he called Brian Moynihan.

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Reported By Jack Gregson

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