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Warren Buffett is $1.5 billion underwater on his Bank of America stock
Bank of America’s stock price just broke into the embarrassing sub-$5 stock basement. Somewhere in Omaha, are alarm bells going off? Yes, Bank of America’s stock swoon is dragging down America’s wisest investor, Warren Buffett, who now is about $1.5 billion underwater on his BofA common-stock warrants. Buffett threw a lifeline to Bank of America this summer with a $5 billion confidence-boosting investment. Don’t worry about Buffett, though. He is guaranteed a profit on his BofA investment. The banking giant must repay Buffett’s $5 billion, plus a 5% premium, at any time. Plus, the world’s third-richest ... (full story)
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