Fresh on the heels of his illegal investment of Goldman Sachs of a just a couple of years ago, Warren Buffet makes a similar ILLEGAL investment in Bank of America. We’ll explore the illegality and immorality of this “investment” is an upcoming article but for now we just want to be the first to point out that this is an ILLEGAL and IMMORAL investment. It’s also worth noting that Warren Buffet has no issues consolidating his “hero of the proletariat” socialism with “greed is good” vulture investments.
Here are some of the general terms of the transaction
” Warren Buffett’s Berkshire Hathaway will invest $5 billion in Bank of America, stepping in to shore up the company in the same way he helped prop up Goldman Sachs during the financial crisis.
Bank of America shares rose 20 percent in pre-market trading on the news.
Bank of America will sell Berkshire 50,000 shares of cumulative perpetual preferred stock with a 6 percent annual dividend, it said in a statement on Thursday. Bank of America can buy back the investment at any time by paying Buffett a 5 percent premium.
Investors have battered Bank of America’s stock on fears that the largest U.S. bank by assets has yet to overcome billions of dollars in problem mortgage loans.”