Being rich is good to ride any waves ah!
Berkshire to swap BofA preferred stock for 700 million common shares
Buffett had bought $5 billion of Bank of America preferred stock with a 6 percent dividend, or $300 million annually, in August 2011
mutuelles Entreprise, when investors worried about the bank's capital needs.
The purchase included warrants to acquire 700 million common shares at $7.14 each, less than one-third Thursday's closing price of $24.32.
At Bank of America's current share price, the stake would hand Berkshire a $11.7 billion profit, at least on paper.
That's nothing compared to the malfeasance that some do with Swiss banks. A tax haven proper.
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