NEW YORK (Source: CNNMoney By Paul R. La Monica) –– Bank of America CEO Brian Moynihan has a new BFF. His name is Warren Buffett. Heard of him?Shares of the bewitched, bothered and bewildered bank were up 9% in early afternoon trading Thursday after Buffett’s Berkshire Hathaway (BRKB) announced it was investing $5 billion in preferred shares of Bank of America (BAC, Fortune 500).
The news helped lift shares of other bruised financials as well. Shares of Citigroup (C, Fortune 500) and Morgan Stanley (MS, Fortune 500) each rose more than 3%.
Source: CNNMoney By Paul R. La Monica
August 25, 2011: 12:55 PM ET
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