BAML in 2011
— $5B cash for $5B preferred shares (5% dividend)
— warrants for 700m common at $7.14 per share (when he exercised in 2017, it was ~$30 a share)
— So in 6 years, turned $5B into $20B+ and $1.5B in dividends
— Today, owns 13% of BAML
Goldman in 2008:
-$5 billion in preferred stock paying a 10% annual dividend
— warrants enabling it to buy 43.5 million of Goldman's common shares at $115 each at any point in the ensui...