Warren Buffet earned a $357 million profit on BofA

[Dunk]

http://money.cnn.com/2011/08/26/markets/warren_buffett_bofa_profit/index.htm?hpt=hp_t2

The title of the thread was originally the title of the article. It was then changed to Buffet's one-day win on Bank of America: $357 million. The original title still shows up at the top of your browser, though.

EARNED

[Nox]

It's insane how people who are already filthy rich have the ability to earn so much more money so quickly, it's no wonder the gap between rich and poor is increasing

[Die Neue Zeit]

It doesn't count until he sells the shares for a taxable capital gain. I don't think he sold the shares at all.

[Vladimir Innit Lenin]

He hasn't made any profit yet, but you're right that he's clearly not earned it either, in the Socialist sense.

It was a very astute business move, though. It's why he's the king Capitalist. He knew that his reputation meant that him just buying the shares would increase their value so much as to make him personally an instant and massive profit.

That he doesn't view that as his objective, that he is obviously not in there for the immediate profit, says a lot about why he is a multi-billionaire and not a multi-millionaire.

From an economic perspective it is grotesque, but from a psychological perspective it is very interesting.

[Kiravana]

I guess it's incentive for him to not slack off and make things worse at Apple. Correct me if I am wrong, but he doesn't get all of this money as it is over ten years? So if he starts to screw up at Apple and starts to destroy what Steve Jobs has built then surely the price of his stocks will plummit and so will this $357 million.

[RichardAWilson]

:confused: Warren Buffet has nothing to do with Apple.

[Kiravana]

:confused: Warren Buffet has nothing to do with Apple.

Sorry sorry sorry sorry!! :o

I saw "earned $350 million profit" in the title and thought we were talking about Tim Cook.

:crying:

[~Spectre]

He made an even bigger killing with the money he put in Goldman Sachs.

[NoOneIsIllegal]

I'm related to Warren Buffet as of last week. Just saying.
He sucks. Part of the billionaire criminal class except with good P.R.

[Os Cangaceiros]

That's no way to talk about a wealthy potential benefactor. :sleep:

[Os Cangaceiros]

Warren Buffet loves state capitalism (http://campaign2012.washingtonexaminer.com/article/barack-buddy-buffett-betting-bank-bailout)