Half of Wealthy Americans Agree with Buffett, Would Pay Higher Taxes
It must be tough having your money every where. This afternoon, Warren Buffett's holdings waged a mini civil war against one another as the ratings firm Moody's downgraded Bank of America's long-term credit rating two notches from "A2" to "Baa1" sending its stock plunging 3 percent and cutting Wells Fargo's credit rating by one notch dipping its stock 1 percent. As The Wall Street Journal colorfully accounted the move, "Moody’s just drove a knife into the heart of Bank of America’s stock."
Interestingly, the knife-holder in this scenario just so happens to be one of Buffett's largest holdings. According to Investment News, Buffett owns 28,415,250 shares in Moody's at a value of about $929,178,675 as of June. Buffett also has $5 billion in the knife-taker, Bank of America, following his investment in August. As for Wells Fargo, it's Buffett's second largest holding. As of June, he had 352,327,608 shares in the company at a value of $8,815,236,752. As such, it's probably not a fun day for the Oracle of Omaha. But a fine day for stock watching sadists like CNBC's John Carney. "It's fun to watch Warren Buffett's Moody's downgrade Warren Buffett's Wells Fargo and Bank of America," he tweets.
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John Hudson
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