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Warren Buffett made $700M in the first 30 minutes of trading with Berkshire's (BRK.A +0.3%)...

Warren Buffett made $700M in the first 30 minutes of trading with Berkshire's (BRK.A +0.3%) investment in Bank of America (BAC +17%). His investment came with warrants to buy 700M BofA shares at ~$7.14 each - a $700M paper profit so far.
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Comments (9)
  • haschrad
    , contributor
    Comments (49) | Send Message
     
    Good for him - now let's see how eager he is to send a healthy portion of the gain to Uncle Sam
    25 Aug 2011, 10:15 AM Reply Like
  • bigbenorr
    , contributor
    Comments (915) | Send Message
     
    He probably won't sell for a while.
    25 Aug 2011, 10:17 AM Reply Like
  • cloud1680
    , contributor
    Comments (3) | Send Message
     
    i tot he's the one who suggests uncle sam tax rich ppl?
    25 Aug 2011, 11:02 AM Reply Like
  • alpharox
    , contributor
    Comments (380) | Send Message
     
    ZeroHedge has this right, check that view. And BofA didn't need to raise capital!
    25 Aug 2011, 10:18 AM Reply Like
  • Duude
    , contributor
    Comments (3401) | Send Message
     
    If Buffet wants to maximize his gain he'll sell his warrants when the current run up ends. But that isn't his style. He'll keep it more than a year to qualify for long term capital gains tax rates and hopefully a better market. He might just have to settle for the $300 million a year in dividends.
    25 Aug 2011, 10:21 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3531) | Send Message
     
    Oh the rich get richer and the poor get unemployed. (With apologies to that old song).
    25 Aug 2011, 10:28 AM Reply Like
  • RM13
    , contributor
    Comments (1062) | Send Message
     
    So by lunch, how much has he lost now in market cap of BRK?
    25 Aug 2011, 01:16 PM Reply Like
  • J Dog
    , contributor
    Comments (21) | Send Message
     
    Uncle Sam only dictates common stock dividends? Why not preferred?

     

    This makes the CEO look bad. Last week he says no additional capital needed, now he accepts $5B!
    25 Aug 2011, 02:01 PM Reply Like
  • bigbenorr
    , contributor
    Comments (915) | Send Message
     
    Well he is obligated to serve shareholder interests, this purchase may add value to the company
    25 Aug 2011, 03:36 PM Reply Like
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