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

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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