2008 all over again. The parallels continue:
From August 15 2008
Lehman Brothers Inc. received a vote of confidence from the man who broke the Bank of England. The billionaire financier George Soros, through his Soros Fund Management LLC, hiked his stake in the beleagured investment bank to 9.5 million shares as of June 30 from just 10,000 shares, giving him a 1.4% stake, according to a regulatory filing on Thursday.
And then today:
John Paulson Buys 168M Shrs In Bank Of America. In the 2Q of 2009 John Paulson bought a load of of BAC covertible, then converted it to common – making a load of money on the arb. I wonder if he still owns the stock or if he has sold it or used it to cover a short (to balance the long preferred).
