Warren Buffett is investing $5 billion in Bank of America:
Bank of America Corp. said this morning that investor Warren Buffet is buying preferred shares in the company worth $5 billion, sending the stock soaring 24 percent to $8.66 in early trading.
The investment comes after a roller coaster month in which the bank’s shares have threatened to fall below $6. They closed Wednesday at $6.99 after an 11 percent jump.
At 11:30 a.m., the bank’s shares had fallen back some, trading up 13 percent at $7.92.
Some of the debate on the BofA situation on this website among posters has been about whether the bank will fail in some way. The critical question for Charlotteans to ask is whether the bank succeeds here. Again, this is what we are up against. And this.
