 "Warren Buffet")
Warren Buffett’s bet on Bank of America is about to pay off with a roughly $12 billion windfall.
The billionaire plans to exercise warrants obtained six years ago in a vote of confidence in Bank of America while its shares were tumbling amid multibillion-dollar probes tied to the housing meltdown. The cash infusion helped the bank put to rest doubts about whether it had enough capital, and its shares have more than tripled since then.
In the 2011 deal, Buffett’s Berkshire Hathaway invested $5 billion in Bank of America in exchange for preferred stock and the right to
The billionaire plans to exercise warrants obtained six years ago in a vote of confidence in Bank of America while its shares were tumbling amid multibillion-dollar probes tied to the housing meltdown. The cash infusion helped the bank put to rest doubts about whether it had enough capital, and its shares have more than tripled since then.
In the 2011 deal, Buffett’s Berkshire Hathaway invested $5 billion in Bank of America in exchange for preferred stock and the right to
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