Evidence receipt / uncertainty
Published · transcript-backedDavid Rosenthal: uncertainty
7 Jun 2021 Acquired Berkshire Hathaway Part III
“At least in the US, it ended up not being a big thing. I don't know how Bank of America got caught up in this but they did.”
Source trail
Everything needed to verify it.
- Speaker
- David Rosenthal
- Attribution
- Verified speaker
- Claim type
- uncertainty
- Recorded
- 7 Jun 2021
- Publisher
- Acquired
- Episode
- Berkshire Hathaway Part III
Transcript context
…Yeah, how have we not talked about them yet? It was not 2008. It was 2011. Bank of America gets caught up in that—remember the Euro debt crisis that happened in 2011? Everybody was like, financial crisis again. At least in the US, it ended up not being a big thing. I don't know how Bank of America got caught up in this but they did. Berkshire stepped in, did the playbook $5 billion of preferred equity with a 5% coupon on it. Not as much as the 10% that they got from Goldman, but they got Warren coverage to buy $5 billion of common stock in which Bank of America had a $7.14 strike price. Today, Bank of America is trading at a $42 stock price. It's a cool 6X.…
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