Warren Buffett Seeks Fed Leeway to Boost Stake in Bank of America Past 10%By
Berkshire ‘may decide’ to add shares of Bank of America
Filing says Buffett will remain passive investor in lender
Warren Buffett’s Berkshire Hathaway Inc. is seeking permission from the Federal Reserve to potentially increase its stake in Bank of America Corp. to more than 10%, a level that often triggers a regulatory review. The bank’s shares rallied.
Berkshire, which disclosed in July that it had hit that threshold, filed an application with the Fed in recent weeks making a variety of assurances to show that it will passively invest in the bank, according to a copy of the application provided by the regulator.