Berkshire purchased 8.7 million shares of lender of America, the greatest American lender, in your next quarter of 2007, a proceed that was reported extensively on the time. through the up coming quarter, Berkshire multiplied its holdings to 9.1 million shares.
Well right after Berkshire created its investment, Mr. Buffett mentioned he believed lender of America compensated a crazy price to acquire Merrill Lynch in your midst from the monetary crisis, in accordance with an job interview launched through the monetary turmoil Inquiry Commission final week.
Bank of America purchased Merrill for $18.5 billion, a buy finished in January 2009. The lender agreed to purchase the securities company in September 2008 within the identical morning that Lehman bros filed for bankruptcy.
Speaking of lender of America's chief executive on the time, Kenneth D. Lewis, Mr. Buffett said: He could have purchased them the up coming morning for absolutely nothing mainly because Merrill was heading to go when Lehman went, according to some transcription from Bloomberg News.
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