Business & Tech
Did Warren Buffett Deposit $5B in Your Bank Account?
The Oracle of Omaha invests in Bank of America.
If you bank with (two branches) you have billionaire investor Warren Buffett in your corner now.
Buffett's investment company Berkshire Hathaway will ante up $5 billion for Bank of America Corp.,Β as reported Thursday by the Associated Press (AP).
The news sent shares up a whopping 24 percent by Thursday morning to $8.68,Β also reported by AP.
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Buffet apparently called bank CEO Brian Moynihan about investing because he considered the San Francisco-based institution to be a strong company with good leadership.Β
Moynihan said the move by Buffett is a strong endorsement, although he also said the bank still has capital and liquidity, AP reported.
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The bank was said to have struggled after its 2008 purchase of Countrywide Financial Corp.βa mortgage companyβ for some $4 billion.
Buffet was dubbed the Oracle of Omaha when his investment skills became apparent. He continued to live in his modest Nebraskan starter home for years despite his billions.
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