Sunday, September 26, 2021
HomeFeatured EntriesBuffett Bags Big Bucks on BofA . . . In One Day!

Buffett Bags Big Bucks on BofA . . . In One Day!

Warren Buffett prospers rather well during this age of Obama. The 2008 meltdown allowed him, with a little help from Uncle Sam to make a bundle off of his Goldman Sachs investment. Obviously, old Warren aint particular about who he does business with. Goldman, Obama, or your saintly Aunt Martha are all the same to him.

Warren had another brilliant idea, while he was taking a bath, he said. Warren we could have done without that vision of your pasty old wrinkled visage, but thanks for the tip. There may be a lot of rich guys and wannabes that will start to do all their thinking in the tub. Of course, these folks should remember it works best if you are in the know of coming events.

Anyways. . . Today, Mr Buffett put his bath tub vision into action. Actually, it was nothing more than Buffett going back to the trough. He made a little phone call to the Bank of America big boys and said he had 5 billion laying around and what can that buy? It bought a lot:

Reuters, Ben Berkowitz and Joe Rauch– Buffett and Bank of America said he made an unsolicited call to the bank on Wednesday morning offering to make an investment. Buffett told CNBC the idea came to him while taking a bath and the deal was done in 24 hours.

The deal entails Buffett’s insurance company, Berkshire Hathaway Inc buying $5 billion of preferred shares and receiving warrants to buy 700 million shares. The warrants helped lift Berkshire Hathaway’s paper profits on the deal to more than $3 billion, although the transaction has not yet closed.

Now I have no problem with a man making a lot of money, even making a ton of money. Here, I must call a foul. Number one, no proof here, but please someone persuade me this Obama insider hasn’t been given a head-up on what’s coming tomorrow from Bernanke’s Jackson Hole Black Hole pulpit .

But forget about any possible tip-offs. . . isn’t it a shame that Buffett can make over a billion bucks in one day on a $5 billion investment and do in on the back of Aunt Martha and all the millions of unconnected, powerless American tax payers. Poor Aunt Martha is getting the three way shaft here. The Fed won’t permit the poor, frugal woman to make any return off her life savings and she gets to pay the freight to rake all those stupid corruptocrat bad mortgages off the books of BofA and on to the books of the Fed. Then Martha gets to see her money deflated by this 3 card monty policy.

Warren, do the right thing. Send a check to the treasury. . . a big one. And for mercy sakes man, send Aunt Martha a thank you card. Even a neo-robber-barron can be polite.

texasgalt
Texas native. Conservative small businessman with 31 years experience. Government should roll back the nanny state. No country can tax its way to prosperity. The question isn't who will let me but who will stop me?

14 COMMENTS

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14 COMMENTS

    • I think it does. I keep hanging around here, waiting for you to introduce me to your friends in high places, but you have been reluctant.

      I shall endeavor to persevere. I’m confident you will eventually give me the number to your county ag agent. Then I’ll introduce you to the official poet laureate of Denton County.

      With our new network of influence we can score some stimulus money for our own cowboy poetry festival. We’ll skim it 50-50.

  1. Hey TG, don’t hate me *please* for saying this, but I gotta disagree on this one. Buffet is just doing what everyone else who is in the stock market SHOULD be doing: buy low, sell high. And BoA stock is in the dumper now because of all those bad loans ACORN *coerced* them to make.

    And stupid ACORN, if you remember my articles on MidWest Rising a couple weeks back, targeted the exact same bank they coerced to make all those *bad loans.*

    And BoA is the largest bank in the world now. If they default, Obama and his minions are gonna want to come in and bail them out.

    So I am actually *glad* that Buffet gave them an infusion of big bucks. Remember, BoA also owns MerrillLynch. If BoA goes in the dumper, so does Merrill and that’s another one that Obama may want to *bail out.*

    • Hate you? Nah, never.

      And yes BofA had and has a lot of bad loans that were at least in the beginning sort of pushed on them…but then they figured out they make a ton of money (and bonuses)and they were off to the races.

      Let Warren risk all Berkshire’s money. It just kinda sucks that he’s likely to reap a huge profit off a bank that only escaped bankruptcy because the American taxpayers were forced to recapitalize it.

      Now, if Bernanke announces QE3 tommorow in Jackson Hole, this Buffett deal really starts to smell overripe.

  2. I figure BofA/Merrill will be OK. They somehow did not get on the same “purge list” that Lehman Bros got on. Lehman was summarily executed as an object lesson to the survivors and whoever believes that was just an accident, I have some oceanfront property in Arizona I’d love for them to look at.

  3. Excuse me, but it seems like only yesterday that Gates and Buffet said they were going to give their billions away and start a suicide club of billionaires willing to give their billions away to charity. At which time I said the most charitable thing they could do would be to invest their billions in manufacturing in the rust belt. But no, Buffet is going to be ‘charitable’ to BOA.

  4. Bob I think they were actually daring other billionaires to go first, but, yes you are not mistaken I did hear it too. I count myself fortunate to be among those who did not start holding their breath in anticipation of the prompt return of said largesse to the federal government.

  5. Well, ya know, this is capitalism at its finest. Making a buck, whether it be a couple hundred or billions. And ain’t that what we conservatives have been touting all along? And going after Obama about?

    It’s Buffets money, he can do with it as he pleases.

    Did I agree with Michael Bloomberg for giving $50M to the Sierra Club to *dump coal*? No.

    I wrote about it here. But it’s still his money.

    What I have a HUGE problem with, is Obama and his minions telling ME what I can do with MY money.

      • Point taken, Pilgrim. I don’t like it either. You know I detest Obama. But it’s still his money, not taxpayer money like MEEchelle has been spending. If we tried to tell Buffet how to spend his money we would be no better than Obama and his “spreading the wealth” around.

        If Buffet wants to invest bucks in BoA fine. His business. If he wants to fund raise for Obama, we expose it.

        And full disclosure here: I detest BoA. But if I can make a buck on it in good times or bad? Heck yeh.

  6. The second creepiest thing here (the first creepiest is that bathtub-vision episode) is, as TG pointed out, the access Buffett has to 1600 Pennsylvania,and in this case just before the whopper trade. I guess because he’s a Democrat billionaire, no one in MSM or this administration’s SEC or FBI calls him on potential insider trading. It does not pass the smell test. It is very bad optics that would get Aunt Martha, and did get Martha Stewart, followed and investigated. And doing some federal prison time.I guess Martha’s mistake was not being superrich, and being a *big enough* Dem donor. They never could prove up the insider trading on her, btw. They got her for failure to answer FBIs questions consistently (perjury).

    • Notice how so many of these super rich guys are liberal? I think a lot of it is about guilt… so many of these came to there fabulous wealth in a more or less passive way.

      Many of them haven’t created much–Jobs at Apple has although he struck the real motherload when he doing most of his creating in China and selling to American hipsters.

      You are right, Buffett has become sorta creepy and a full on snake charming liar to boot.

    • Agree CJ. If it is insider trading, then that of course is an entirely different story.

      Somehow though I have a feeling Buffet is smart enough and because he’s a gazillionaire, just like Soros, he and Soros and all the Save the Internet dudes, google, twitter etc are able to insulate themselves from all their suspicious *visits* to A Casa Branca.

      The *transparent president* despite all his campaign promises is opaque.

    • I think it does. I keep hanging around here, waiting for you to introduce me to your friends in high places, but you have been reluctant.

      I shall endeavor to persevere. I’m confident you will eventually give me the number to your county ag agent. Then I’ll introduce you to the official poet laureate of Denton County.

      With our new network of influence we can score some stimulus money for our own cowboy poetry festival. We’ll skim it 50-50.

  1. Hey TG, don’t hate me *please* for saying this, but I gotta disagree on this one. Buffet is just doing what everyone else who is in the stock market SHOULD be doing: buy low, sell high. And BoA stock is in the dumper now because of all those bad loans ACORN *coerced* them to make.

    And stupid ACORN, if you remember my articles on MidWest Rising a couple weeks back, targeted the exact same bank they coerced to make all those *bad loans.*

    And BoA is the largest bank in the world now. If they default, Obama and his minions are gonna want to come in and bail them out.

    So I am actually *glad* that Buffet gave them an infusion of big bucks. Remember, BoA also owns MerrillLynch. If BoA goes in the dumper, so does Merrill and that’s another one that Obama may want to *bail out.*

    • Hate you? Nah, never.

      And yes BofA had and has a lot of bad loans that were at least in the beginning sort of pushed on them…but then they figured out they make a ton of money (and bonuses)and they were off to the races.

      Let Warren risk all Berkshire’s money. It just kinda sucks that he’s likely to reap a huge profit off a bank that only escaped bankruptcy because the American taxpayers were forced to recapitalize it.

      Now, if Bernanke announces QE3 tommorow in Jackson Hole, this Buffett deal really starts to smell overripe.

  2. I figure BofA/Merrill will be OK. They somehow did not get on the same “purge list” that Lehman Bros got on. Lehman was summarily executed as an object lesson to the survivors and whoever believes that was just an accident, I have some oceanfront property in Arizona I’d love for them to look at.

  3. Excuse me, but it seems like only yesterday that Gates and Buffet said they were going to give their billions away and start a suicide club of billionaires willing to give their billions away to charity. At which time I said the most charitable thing they could do would be to invest their billions in manufacturing in the rust belt. But no, Buffet is going to be ‘charitable’ to BOA.

  4. Bob I think they were actually daring other billionaires to go first, but, yes you are not mistaken I did hear it too. I count myself fortunate to be among those who did not start holding their breath in anticipation of the prompt return of said largesse to the federal government.

  5. Well, ya know, this is capitalism at its finest. Making a buck, whether it be a couple hundred or billions. And ain’t that what we conservatives have been touting all along? And going after Obama about?

    It’s Buffets money, he can do with it as he pleases.

    Did I agree with Michael Bloomberg for giving $50M to the Sierra Club to *dump coal*? No.

    I wrote about it here. But it’s still his money.

    What I have a HUGE problem with, is Obama and his minions telling ME what I can do with MY money.

      • Point taken, Pilgrim. I don’t like it either. You know I detest Obama. But it’s still his money, not taxpayer money like MEEchelle has been spending. If we tried to tell Buffet how to spend his money we would be no better than Obama and his “spreading the wealth” around.

        If Buffet wants to invest bucks in BoA fine. His business. If he wants to fund raise for Obama, we expose it.

        And full disclosure here: I detest BoA. But if I can make a buck on it in good times or bad? Heck yeh.

  6. The second creepiest thing here (the first creepiest is that bathtub-vision episode) is, as TG pointed out, the access Buffett has to 1600 Pennsylvania,and in this case just before the whopper trade. I guess because he’s a Democrat billionaire, no one in MSM or this administration’s SEC or FBI calls him on potential insider trading. It does not pass the smell test. It is very bad optics that would get Aunt Martha, and did get Martha Stewart, followed and investigated. And doing some federal prison time.I guess Martha’s mistake was not being superrich, and being a *big enough* Dem donor. They never could prove up the insider trading on her, btw. They got her for failure to answer FBIs questions consistently (perjury).

    • Notice how so many of these super rich guys are liberal? I think a lot of it is about guilt… so many of these came to there fabulous wealth in a more or less passive way.

      Many of them haven’t created much–Jobs at Apple has although he struck the real motherload when he doing most of his creating in China and selling to American hipsters.

      You are right, Buffett has become sorta creepy and a full on snake charming liar to boot.

    • Agree CJ. If it is insider trading, then that of course is an entirely different story.

      Somehow though I have a feeling Buffet is smart enough and because he’s a gazillionaire, just like Soros, he and Soros and all the Save the Internet dudes, google, twitter etc are able to insulate themselves from all their suspicious *visits* to A Casa Branca.

      The *transparent president* despite all his campaign promises is opaque.

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