Equities analyst says Buffett’s B. of A. purchase cause for concern(zz)# Stock
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“Why isn’t there concern that just two weeks after saying they needed no
new external capital, they are selling 6% preferred stock? If [Bank of
America Chief Executive Brian] Moynihan really didn’t need the money and
Buffett really liked the company, Moynihan should have told Buffett to just
buy the common shares in the open market,” wrote Peter Boockvar, equity
strategist at Miller Tabak, in emailed commentary.
new external capital, they are selling 6% preferred stock? If [Bank of
America Chief Executive Brian] Moynihan really didn’t need the money and
Buffett really liked the company, Moynihan should have told Buffett to just
buy the common shares in the open market,” wrote Peter Boockvar, equity
strategist at Miller Tabak, in emailed commentary.