Buffet came in but the WSJ has a article today on BAC debt. The jist was that it was a good buy including the preferreds of BAC. However they said to steer clear of the countrywide Trups because there is a very remote chance they could put this sub into bankruptcy. I guess they did not do their homework because the Countrywide preferreds are guaranteed by BAC.These reporters never can get it right..
So often we read incorrect info. Other day read a piece on a stock ohi that they said had paid divi's since 1995 - They were wrong - they didn't notice the few years that they skipped them. We all did a lot of research back when BAC redid the CFC pfds. Why they didn't change the name instead of just adding "NEW" to the name is beyond me. I guess I should be happy that it allows me to buy CFC pfds often at a better price then the BAC pfds.
Just saw the WSJ article. As I wrote here a few days ago, if CFC ever does file for bankruptcy, the CFC Trups will fall substantially due to the lack of informed investors out there. I would buy as much as I physically could in that event. Feel free to join me on that blessed day (not that I think it is likely).