Warren Buffett just gave the CEO of Bank of America a vote of confidence at a critical time
Business Insider reached out to Buffett, who took a huge stake of Bank of America preferred stock and warrants four years ago, and asked for his take on the bank's shareholder vote coming up later this month.
To recap: Bank of America's vote gives shareholders the opportunity to sign off on, or reject, its plan to combine its chairman and CEO role into one under Moynihan.
The plan has some critics, with a small group of shareholders representing less than 1% of its stock banding together to say they're opposed to the consolidation.
The Oracle of Omaha, according to a representative for Berkshire, is "100% in support of Mr. Moynihan and believes he is doing an outstanding job for Bank of America shareholders."
"When he took over as CEO, he was handed one of the toughest jobs in the history of American banking."
The bad news for Moynihan is that neither Berkshire's preferred shares or warrants hold a vote, meaning Buffett has no recourse to participate in the shareholder vote.
But having the billionaire investor on his side must be heartening for Moynihan.