Jimmy Lathrop

Memo to Warren: AmEx Preferred at 15%, Warrants at $12

I think the long term perspective is that Amex has done some stupid things in the past (purchasing EF Hutton) and overcome them. Warren tends to see things in the industry from when he purchased Salomon Brothers. Both BRK and AMX got out of that situation when the opportunity presented itself and survived. AMX is like a financial cockroach and that's the kind of company that appeals to him. Its a long term play designed to shake out the weak hands and from the comments above, weak hands have been shaken out.