This was an arranged marriage. There was no due diligence, and it is almost certain that uncle Warren has zero actual capital at risk…but instead a note from Obama to excuse any future capital losses.
But, I’m still putting the sequence of events together…
So BAC is failing along with a few large banks in the EU such as SocGen and Unicredit. Obama calls Buffet on August 22. For some reason Warren gets in a bathtub(according to CNBC) and comes up with this magical idea to throw a few billion at Bank of America … That same BoA that adamently claims it does not need money while its still trying to quietly sell assetts at firesale prices. Hmm.
What did Obama talk Buffet about?
I seem to remember Buffet investing 5 billion in Goldman Sachs right before the big bailout.
The USG has Warren’s back – he has no risk. Indeed, the ethical capitalist.
It’s all smoke, mirrors and creative narratives from this point on.
