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背景：周一(22日)，奥巴马总统与巴菲特先生讨论整体经济展望，以及如何应对美国正经历的逆境。讨论如何创造就业机会和刺激经济增长。
周三(23日)，摩根大通评：美国银行不能再忽视市场情绪可能需融资250亿美元
按照我们的基本情景假设（7.5%的一级资本），美国银行需要融资120亿美元。按照悲观的情景假设，美国银行需要融资250亿美元。美国银行CDS息差飙升至435点违约风险超09年金融危机峰值
CDS飙升59点至371点，升幅19%。在2008-2009年金融危机最糟糕时期，美国银行CDS最高曾达到400点，现在的违约风险离那时候已经很近了，按照目前的趋势，或许明天或接下来几天违约风险就会超过金融危机时期。
周四美股开市前(25日)，美国银行宣布以私下配售的方式向伯克希尔出售5万股累计永久性优先股，每股清算价值10万美元。这些优先股年利息6%，按季度平均分期付款，公司可在任何时候以5%的溢价赎回。
按照协议，巴菲特同时获得了认股权证，可以7.14美元的价格购买美国银行7亿股普通股。美国银行目前价格8.7美元。
美国银行新闻稿英文版：
Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium.
In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of $7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by Bank of America for the preferred stock and warrants is $5 billion in cash.
“We are building the best franchise in financial services and we have laid out a clear plan to deliver long-term shareholder value,” said Bank of America Chief Executive Officer Brian Moynihan. “I remain confident that we have the capital and liquidity we need to run our business. At the same time, I also recognize that a large investment by Warren Buffett is a strong endorsement in our vision and our strategy.”
“Bank of America is a strong, well-led company, and I called Brian to tell him I wanted to invest in it,” said Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett. “I am impressed with the profit-generating abilities of this franchise, and that they are acting aggressively to put their challenges behind them. Bank of America is focused on their customers and on serving them well. That’s what customers want, and that’s the company’s strategy.”
回过头来看巴菲特对GE与Goldman Sachs的trades：
…In the fall of 2008, General Electric was listing, in part because of the troubles its massive finance arm, GE Capital, had encountered. And so in the fall it turned to Buffett. Buffett agreed to buy $3 billion of preferred shares, which carried a 10 percent annual dividend. What’s more, GE could only retire the shares by paying Buffett a 10 percent premium. He also received warrants entitling him to buy a large chunk of shares at $22.25 per share. The warrants were to expire in five years. With the market temporarily calmed, GE also announced it would sell about $12 billion in common stock to the public at $22.50 per share. In other words, GE was able to leverage Buffett’s $3 billion (on pretty tough terms) into $12 billion more of capital (on relatively easy terms).
A few weeks later, Goldman Sachs struck a similar deal with Buffett. On October 23, Berkshire Hathaway agreed to invest $5 billion into the investment bank. The terms were quite similar to the GE deal. The shares bore a 10 percent annual rate, Goldman would have to pay a 10 percent premium to retire them, and Buffett received warrants entitling him to buy a chunk of Goldman shares at $115 per share. The next day, its stock having been buoyed by the Buffett investment, Goldman said it would raise another $5 billion by selling shares to the public at $123 per share.
The GE and Goldman deals worked out well for Buffett. In April, GE said would pay Buffett back entirely by October. In return for his $3 billion investment, he’s going to get about $900 million in interest payments, plus $3.3 billion for the original shares — a total of $4.2 billion, or a 40 percent return in three years.
Buffett made out similarly well on the Goldman transaction. In April, Goldman paid back his original $5 billion investment. Factoring in dividend payments and the 10 percent premium, he received a total of $6.664 billion in return for the original investment, or a 33 percent return in about 30 months…
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