Warren Buffett's favorite bank, BAC, to start charging debit card fees

Bank Of America is about to slap bank customers with a $5 Debit Card Usage Fee.

Warren Buffett tosses $5 billion into BAC

Warren Buffett, the bottom-feeding investor from Nebraska, is picking up shares of Bank of America just when major hedge fund managers are dumping shares with record losses. And, right on cue, the financial media is applauding his daring, wisdom and good looks.

Investor Michael Price is bullish on Bank of America

Dec. 4 (Bloomberg) -- Billionaire investor Michael Price said he bought shares of Bank of America Corp. in its $19.3 billion equity sale yesterday after shunning large lenders.

Bank of America raised money in the biggest U.S. offering of stock or preferred shares since at least 2000 to free itself from government restrictions after accepting funds from the Troubled Asset Relief Program. The Charlotte, North Carolina- based company, the largest U.S. bank, sold securities at $15 each, or 4.8 percent less than its closing price yesterday.

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Clearly, John Thain wants to be a billionaire

People all across the country today now know who John Thain is. And they know that John Thain wants his money.

Here is John Thain, the ex-Goldman Sachs who eventually moved to the New York Stock Exchange and then to Merrill Lynch to restructure the brokerage firm to move to bigger and better things. Instead, he sold the damn firm!

Here is John Thain, who when he took over as the CEO of Merrill Lynch at the end of 2007, he received a $15 million signing bonus. At the time, shares of Merrill Lynch were priced at $50.

Today, Merrill Lynch is trading at $13 share, and is being taken over by Bank of America.

So now, here is that very same John Thain that now wants a $10 million bonus for himself and others at the firm for all of his hard work.

Clearly, John Thain wants to be a billionaire. Because, if he didn't, he wouldn't want these 10 and 15 billion dollar payments if he didn't aspire to bigger and better things. Just like he assured the brokers at Merrill Lynch.