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.
Join us on our
Share this page with your friends
on your favorite social network: