Buffett's Warrants On BofA (BAC) are Drowning in the Bath Tub
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Shares of Bank of America (NYSE: BAC) continue to sink and notably Warren Buffett's warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of $7.142857 per share are underwater by 27%.
Of course, Buffett and his Berkshire Hathaway, Inc. (NYSE: BRK-A) are still banking on the $5 billion preferred stock investment, which is paying 6%.
Mr. Buffett said he thought of the Bank of America investment 'while in the bathtub.' Well Mr. Buffett, your warrants are now officially drowning.
Of course, Buffett and his Berkshire Hathaway, Inc. (NYSE: BRK-A) are still banking on the $5 billion preferred stock investment, which is paying 6%.
Mr. Buffett said he thought of the Bank of America investment 'while in the bathtub.' Well Mr. Buffett, your warrants are now officially drowning.
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