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Warren Buffett’s Net Worth Jumps $154M Thanks to Mortgage Settlement

Erod

Erod

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Buffett’s Bank of America | Washington Free Beacon

Warren Buffett’s stake in Bank of America Corp. increased in value by $154 million after President Obama and the U.S. Justice Department announced a $25 billion foreclosure abuse settlement with the five largest U.S. banks Thursday, records show.
Buffett invested $5 billion in Bank of America (BofA) on Aug. 25, 2011. As part of his investment deal, Buffett gained warrants that allow him to buy 700 million shares of Bank of America stock at a strike price of $7.14 a share. However, on Dec. 19, 2011, it was reported that Buffett was $1.5 billion underwater on his stock warrants, with shares of BofA stock trading at $4.94. But on Thursday, after President Obama personally announced the details of the settlement, BofA stock closed at $8.13 a share. The stock opened Friday morning at $8.31 and reached as high as $8.35 a share.
If Buffett had exercised his warrants Friday morning, he would have made $847 million. $154 million of that profit would have been related to the foreclosure deal.
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This is not the first time Buffett has profited from Obama administration policies. In November 2011, it was reported that President Obama’s two-year postponement of the deadline to determine the future of the proposed Keystone XL pipeline would force North Dakota oil producers to rely more heavily on the Burlington Northern Santa Fe Railroad. Buffett’s Berkshire Hathaway Inc. holding company purchased the Burlington Northern Santa Fe Railroad Corp. in a total package worth $44 billion in 2009.
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Buffett has personally contributed $5,000 to Obama this election cycle, while Berkshire Hathaway has contributed $30,800 to the Democratic National Committee.
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What an incredibly caring and down-to-earth billionaire Buffett is. Right up there with George Soros, who likes to drive the market down on purpose just to scavenge off others, then claims to be for the poor.
 
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I just can't believe a socialist like you is demonizing personal wealth creationz and successez.

It's disgusting and anti Americanz. :2mad:

So now that I've dispensed with the repertoire this is not a mainstream source and I only seem to be able to find this story coming from that one source posted on multiple websites.

I honestly went to a bunch of business sites and nada on this so come back with a better source.
 
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Jetboogieman said:
I just can't believe a socialist like you is demonizing personal wealth creationz and successez.

It's disgusting and anti Americanz. :2mad:
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It's called insider trading....at the very least.
 
Mine may also. I bought a bunch of BoA at $5.25 knowing they are 'too big to fail'. So far it is looking pretty strong.
 
Dickieboy said:
Mine may also. I bought a bunch of BoA at $5.25 knowing they are 'too big to fail'. So far it is looking pretty strong.
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Good for you. I've done the same thing with American Airlines over the years.

But you and I don't know what Buffett knew, and we didn't have a president in our hip pocket.
 
Erod said:
Good for you. I've done the same thing with American Airlines over the years.

But you and I don't know what Buffett knew, and we didn't have a president in our hip pocket.
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So let me get this straight. Obama is conducting class warfare because he is a socialist who hates the rich, and yet he is in the pocket of the rich too....

The position you hold is schizophrenic to say the least.
 
Hatuey said:
So let me get this straight. Obama is conducting class warfare because he is a socialist who hates the rich, and yet he is in the pocket of the rich too....

The position you hold is schizophrenic to say the least.
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You are too smart to say such silly things

Obama gains wealth and power by catering to those who are rich because of the government at the expense of those of us who are rich despite the government. The uber wealthy often want welfare socialism
 
TurtleDude said:
You are too smart to say such silly things

Obama gains wealth and power by catering to those who are rich because of the government at the expense of those of us who are rich despite the government. The uber wealthy often want welfare socialism
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What fraction of the 1% make people who are rich "despite the government" and what percentage of the rich are so "because of the government"?
 
Hatuey said:
What fraction of the 1% make people who are rich "despite the government" and what percentage of the rich are so "because of the government"?
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Don't know but generally those rich because of the government are the ones slurping Obama.
 
Hatuey said:
So let me get this straight. Obama is conducting class warfare because he is a socialist who hates the rich, and yet he is in the pocket of the rich too....

The position you hold is schizophrenic to say the least.
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That really is not much of an arguement for what is going on here. If Bush had done it, I believe you would be upset.
 
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