Wachovia is offering 10-year structured debt notes linked to the price of Berkshire Hathaway's "B" shares. At least that's what they're supposed to be linked to, minus a 1% sales fee and an annual 1% ER...
The article says "The notes won't pay interest; instead, they will pay an amount equal to the closing price of Berkshire Hathaway's B-shares, minus a daily adjustment fee."
A decade ago this type of finagling is what led Buffett to establish the "B" shares. I wonder if Wachovia is going to stampede him into "C" shares?
The article says "The notes won't pay interest; instead, they will pay an amount equal to the closing price of Berkshire Hathaway's B-shares, minus a daily adjustment fee."
A decade ago this type of finagling is what led Buffett to establish the "B" shares. I wonder if Wachovia is going to stampede him into "C" shares?