Buffett about to reap $12 billion profit on Bank of America bet

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BERKSHIRE HATHAWAY INC. announced that it will convert its preferred stock into common shares. As it stands, Berkshire Hathaway would then become Bank of America's largest shareholder. /BLOOMBERG FILE PHOTO/DAVIS TURNER
BERKSHIRE HATHAWAY INC. announced that it will convert its preferred stock into common shares. As it stands, Berkshire Hathaway would then become Bank of America's largest shareholder. /BLOOMBERG FILE PHOTO/DAVIS TURNER
NEW YORK - Warren Buffett’s bet on Bank of America Corp. is about to pay off with a roughly $12 billion windfall. The billionaire plans to exercise warrants obtained six years ago in a vote of confidence in Bank of America while its shares were tumbling amid multibillion-dollar probes tied to the housing meltdown. The…

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