Monday, 24 September, 2018

Warren Buffett: Single-payer system is 'probably the best' for US

Warren Buffett chief executive officer and chairman of Berkshire Hathaway Inc speaks at a National Auto Dealers Association event in New Y Warren Buffett chief executive officer and chairman of Berkshire Hathaway Inc speaks at a National Auto Dealers Association event in New Y
Kelvin Reese | 01 July, 2017, 00:54

Bank of America shares have tripled since the investment, from about $7.60 to $23.88, giving Berkshire a paper gain of nearly $12 billion. Buffett has previously said that a dividend increase of at least 44 cents per share would prompt him to convert Berkshire's preferred shares into common stock.

Buffett had bought $5 billion of Bank of America preferred stock with a 6% dividend, or $300m annually, in August 2011, when investors anxious about the bank's capital needs.

Berkshire was previously being paid $300 million per year in interest payments, but converting to common stock now makes the company more money.

Berkshire is sitting on a roughly US$12 billion paper profit, because Bank of America's stock price is more than triple the US$7.14 exercise price for the warrants.

The swap would also make Berkshire Hathaway the bank's largest shareholder.

Utah Lawmaker Blames 'Treehuggers' And 'Rock-Lickers' For Wildfires
Two people were taken to hospital after the crash and subsequent auto blaze that caused the wildfire on Monday afternoon. Thousands of residents from six nearby towns and subdivisions are still under evacuation orders.

That fancy Samsung washing machine might be made in SC
Ports Authority, said Samsung's investment is "significant" to the Port of Charleston. They say the $380 million facility will create the jobs over the next three years.

Perry On Climate Debate: 'This Is America, Let's Have A Conversation'
Renewable energy should have a place in the energy mix, Perry said, noting that he championed wind energy as governor. The guest list includes representatives from the oil and gas sector, utilities and the nuclear power industry.

Shares of the bank were trading Friday morning at around $24.36.

BofA announced this week that it was raising its annual dividend to 48 cents a share from 30 cents, beginning in the third quarter. Berkshire said it will exercise the warrants once that hike is official, instantly making Buffett that $12 billion, or more if the stock continues to go higher. The $12 billion in gains come on top of $1.5 billion it received from preferred stake over the past six years.

After an exchange, Mr. Buffett's firm would own about 7% of the bank's common shares, giving it a significant role in corporate-governance issues from compensation to the election of new directors.

The Oracle of Omaha first got involved with the Charlotte-based banking giant back in 2011, when investors began questioning whether Bank of America could deal with legal fees and liabilities stemming from the subprime mortgage crisis.

The dividend and buyback boosts are positive for Bank of America Chairman and CEO Brian Moynihan.

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