tyb
Buffett buys more Bank of America stock, with stake’s value rising to $29 billion
Berkshire Hathaway owns more than 10% of Bank of America’s shares outstanding to increase its lead as the largest shareholder
Bank of America Corp. is by far Warren Buffett’s favorite bank, as his Berkshire Hathaway Inc. has boosted its stake in the moneycenter bank to more than $29 billion.
In a Form 3 filing with the Securities and Exchange Commission late Thursday, Berkshire Hathaway disclosed that it owned 950.0 million shares of Bank of America, or more than 10% of the common shares outstanding. Buffett is Berkshire’s chairman and chief executive officer.
That’s up from a previous disclosure of a 896.2 million-share stake, or about 9.4% of the shares outstanding, as of March 31.
Berkshire has extended its lead as the Bank of America’s largest shareholder. The Vanguard Group is the second largest shareholder at about 6.4%, followed by SSgA Funds Management Inc. at 4.1%, according to FactSet.
Bank of America’s stock BAC, surged 1.7% in afternoon trading Friday toward a 10-month closing high. At current prices, Berkshire’s stake would be valued at $29.32 billion.
That is well above the value of Berkshire’s second-largest bank holding, as the 409.8 million shares of Wells Fargo & Co. WFC ,it owns is currently worth about $20.14 billion.
One way Buffett built his stake in BofA was by exercising warrants that were acquired as part of a deal announced in August 2011, in which he invested $5 billion in preferred stock that paid a 6% annual dividend at a time the bank was struggling to return to health in the aftermath of the 2008-2009 financial crisis-crony capitalism at it's FINEST!
That dividend yield was nearly triple the yield on the 10-year Treasury note at the time.
The following table shows Berkshire’s common-share holdings of banks other than Bank of America as of March 31, according to Berkshire’s latest 13F filing in May. The next 13F is due in mid-August.
https://www.marketwatch.com/story/buffett-buys-more-bank-of-america-stock-with-stakes-value-rising-to-29-billion-2019-07-26
good luck with that you POS
>>7202301 Alphabet 10-Q Q2-2019
Goodwill Accounting Entry=$18b for Q2.
Same bullshit as before. Instead of a $17.88b entry into Goodwill as 1sr Qtr-2019. It is a nice round number of $18b.
Goodwill is fancy speak for this is worth whatever we say it is for as long as we say it for. Q4-2018 entry had a $6b and absolutely ZERO entry's for whatever they did with dragonfly.
This report is also unaudited, no surprise there.
There is not much else to say with this. Put whatever you want in the Goodwill 'bucket' and value it at whatever you deem it to be worth.
https://www.sec.gov/ix?doc=/Archives/edgar/data/1652044/000165204419000023/goog10-qq22019.htm
https://www.sec.gov/ix?doc=/Archives/edgar/data/1652044/000165204419000023/goog10-qq22019.htm
Butina and Byrne bun
Someone At Morgan Stanley Kept Giving Epstein's Foundation Allocations To The Hottest IPOs
Accused pedophile Jeffrey Epstein's Gratitude America Ltd. foundation somehow kept getting stock allocations in more than 40 underwritten offerings by Morgan Stanley, according to Barron's.
Morgan Stanley led all of the offerings in question and was the sole underwriter on a dozen of them. They included IPOs of Roku and secondary offerings from companies like Tribune Media and Go Daddy.
Epstein plead guilty in 2008 to soliciting child prostitutes and recently claimed assets of more than $500 million. Of that, he claimed $113 million in equities. Despite pleading not guilty, he has not been granted bail.
This year, Deutsche Bank dropped Epstein as a client of its private wealth division after he brought his money there in 2013. This followed having his money with JP Morgan Chase for years. But after the Miami Herald ran a series of articles last year about the plea deal Epstein took in 2008, the bank decided to end its relationship with Epstein.
That's not to say that Deutsche Bank probably couldn't use the wealth management business back at a time like this. But we digress…
Epstein's foundation got a cut in numerous deals, including US Foods Holding and Norwegian Cruise Line holdings. Morgan Stanley acted as lead underwriter for both offerings. The foundation also got shares in Chinese delivery company ZTO Express.
Morgan Stanley declined to comment.
Epstein’s foundation began in 2017 with just $9 million in assets.
A Deutsche Bank spokesperson said: “Deutsche Bank is closely examining any business relationship with Jeffrey Epstein, and we are absolutely committed to cooperating with all relevant authorities.”
https://www.zerohedge.com/news/2019-07-26/someone-morgan-stanley-kept-giving-epsteins-foundation-allocations-hottest-ipos