12:26pm

Thu August 25, 2011
Business

Buffett Gives Bank Of America $5 Billion Boost

Warren Buffett has given the country's biggest bank a $5 billion vote of confidence. Bank of America's share price had been sliding. But Buffett announced Thursday that his conglomerate Berkshire Hathaway is investing $5 billion and will receive 50,000 shares of preferred stock, and now the bank's shares are up about 12 percent. Three years ago, Buffet helped another bank in crisis when he put $5 billion into the Wall Street firm Goldman Sachs.

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