Largest Bank in Billionaire Warren Buffett’s Berkshire Hathaway Portfolio To Deploy $40,000,000,000 in Excess Capital to Shareholders

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Bank of America (BAC) says it has just approved a new multi-billion-dollar stock-buyback program. In a new announcement, the largest bank stock in Warren Buffett’s Berkshire Hathaway portfolio says its board of directors has approved a $40 billion common stock repurchase program that goes into effect on August 1st. A stock buyback is when a company buys shares of its own stock, reducing the total number of outstanding shares, according to Bankrate. Buybacks are seen as a way to increase value fo...