Warren Buffett Won't Abandon Bank of America

Two years ago, Warren Buffett called Bank of America (NYSE: BAC ) CEO Brian Moynihan to suggest a deal. In exchange for a $5 billion investment, which would serve as a vote of confidence in the nation's second largest lender, Berkshire Hathaway (NYSE: BRK-A ) (NYSE: BRK-B ) received preferred stock that paid a 6% annual dividend and warrants for 700 million shares of common stock with an exercise price of $7.14 a share, the market price at the time. Fast-forward to today, and the warrants alone have earned Berkshire more than $5.1 billion in paper profits. See more http://www.fool.com/investing/general/2013/09/21/warren-buffett-wont-abandon-bank-of-america.aspx