Buffett says BofA needs time to clean itself up

The financial oracle has skin in the BofA game to the tune of $5 billion

Warren Buffett spoke to the press today regarding much-maligned Bank of America (BofA), which has been on the receiving end of a litany of lawsuits, bad press and simply seems to have a black cloud firmly entrenched above its proverbial head.

Buffett told Bloomberg Television earlier this morning that the bank’s problems will take “much longer” to resolve. “The bank has a wonderful underlying business—it’s got lots of problems,” he told Bloomberg. His company, Berkshire Hathaway Inc., invested $5 billion in BofA.

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