Okay, first of all, even though BAC stock is on sale for less than $7 a share....the guy, this RESCUER, would only buy 6%-dividend-paying PREFERRED STOCK.
That means the common shares, what the lumpen masses own, can and most likely will be diluted all the way down to zero and he'll still be in line to be paid his 6% dividend.
And who'll be paying it?
TAXPAYERS!!!
With all the backdoor bailouts we're already funding Bank of America to the tune of billions per year. Buffett's first dividend is essentially already coming from us.
The idea that this guy is a genius is nonsense. Recall he sold ALL OF HIS SILVER around $5 or $6 - at the bottom! (Silver is $43 today.)
And from the article I cropped above....it looks like this Moronic 'old coot' is still averaging up on his shares of Wells Fargo.
Mark my words that stock will be his undoing - his ignominious swan song.
The guy is nothing short of a complete jerk. Not only is he *managing down* his own taxes and *talking them up* for the rest of us....he has to basically STEAL from the kitty too!
5 comments:
Glad to see you back! Hope you have been canning and getting off the grid. if you find yourself in nh, look me up. things are going to get dicey. wish you luck!
Kfell
In New Hampshire? Didn't it snow there last week???
Actually will be in NH briefly Sunday morning. Have wedding in Maine. Then will play golf with long lost buddy at his country club (Wentworth By The Sea) early Sunday morning.
Yeah, need to get a generator for sure.
But I also need a gun. Wife told me to buy one and I agree with her. Her reasoning, "Because when you NEED one....you won't be able to get one."
Go with the 9mm, it is cheap, ammo is real cheap (14 bucks for 50 bullets of target ammo) but buy 25 hollow points for the self defense. Plus you can purchase a small gun safe with an easy combination lock for about 70 bucks. Here in nh you can find used police issued glocks or smith and wesson for $250-300. I have lived in nh my entire 36 yrs and just bought my first gun last Nov.
Kfell
He's not a simple, nice guy, who innocently buy ands holds like the media portays. He throws his weight around and gets special deals that are unavailable to ordinary investors. He's also a shill for the banks and fed.
JR,
Indeed.
These 'old coots' that are still attention-hungry are all shady. Greenspan comes to mind too.
John Adams went back to his property and farmed the land quietly for his remaining years...
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