CNBC Yersterday

Occasionally you get a true glimpse on CNBC of what is going on during the day in investing/trading. Yesterday it was someone pointing out that the banks were facing their individual "stress tests," apparantly something quantitative but with judgment imposed.
FITB is one I'm following; also GE.

Ah, while he was investing 10 billion into GE Preferred last fall, Warren Buffett was selling J&J and P&G Common! This isn't the first time we have been led to think that the common was benefiting.

Also on Fast Money last night, one of the stars was buying the preferred and shorting the common, of a bank I think.

That's where the big money is going. Buy up the line and short the common. Hard for individuals or trust departments to do that.