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Warren Buffett plowed $5 billion into Bank of America during the debt crisis. Here's the story of how the investor helped the bank and made a fortune in the process

12 days ago   |   By Business Insider

Alex Wong / Getty Images
Warren Buffett invested $5 billion in Bank of America in August 2011, providing a crucial vote of confidence and cash cushion to the struggling lender. The famed investor and Berkshire Hathaway CEO had the idea to invest while taking a bath, and was initially blocked by a call-center worker before getting through to Bank of America CEO Brian Moynihan. The pair signed a deal within 24 hours that centered on Berkshire receiving preferred shares and stock warrants in exchange for its cash. Berkshire exercised the warrants in 2017 and covered the cost by redeeming its...
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