Quarter Ending 12/31/2011			Back to the Enlightened American Website
Bruce Berkowitz (Fairholme Capital)
		*****  NEW POSITIONS TAKEN
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
N/A	N/A		JP MORGAN WARRANTS, 42.42 STRI	484,700		$8.50		$4,120,000
		*****  SOLD OFF
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
N/A	N/A		AT&T INC COM		160,000		$28.52		$4,563,000
N/A	N/A		BANCO SANTANDER SA- ADR		510,000		$8.04		$4,100,000
N/A	N/A		BROOKFIELD ASSET MGMT INC CL A		22,246,400		$27.55		$612,888,000
N/A	N/A		ROYAL DUTCH SHELL PLC-ADR		70,000		$61.51		$4,306,000
N/A	N/A		TELEFONICA S.A. ADR		220,000		$19.12		$4,206,000
N/A	N/A		VERIZON COMMUNICATIONS INC COM		130,000		$36.80		$4,784,000
N/A	N/A		VODAFONE GROUP PLC - ADR		280,000		$25.65		$7,182,000
N/A	N/A		WINTHROP RLTY TR SH BEN INT NE		946,648		$8.69		$8,226,000
										$0
		*****  HOLD POSITIONS								$0
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value	#VALUE!
0.00%	14.27%		WELLS FARGO & CO NEW COM	31,400	31,400	$27.55	$24.11	$865,000	$757,000
0.00%	19.54%		ASSURED GUARANTY LTD.	51,700	51,700	$13.13	$10.99	$679,000	$568,000
		*****  AUGMENTED POSITIONS
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
2.34%	-9.97%	561,729	AMERICAN INTL GROUP WTS	24,528,959	23,967,230	$5.51	$6.12	$135,154,000	$146,679,000
37.89%	-25.46%	2,332,927	BANK OF AMERICA CORP. WTS	8,490,728	6,157,801	$2.02	$2.71	$17,151,000	$16,688,000
93.37%	11.29%	395,194	WELLS FARGO & CO NEW WTS	818,445	423,251	$8.58	$7.71	$7,022,000	$3,263,000	$3,390,640
										$0
		*****  REDUCED POSITIONS								#VALUE!
% pos ch	% val ch	Change	COMPANY	Cur. Pos.	Prev. Pos.	Approx PPS	Prev PPS	Value	Prev Value
-9.30%	5.69%	-9,437,160	AMERICAN INTL GROUP COM	92,044,583	101,481,743	$23.20	$21.95	$2,135,434,000	$2,227,524,000
-0.71%	-9.15%	-750,300	BANK OF AMERICA CORP. COM	104,261,795	105,012,095	$5.56	$6.12	$579,696,000	$642,674,000
-0.69%	7.45%	-28	BERKSHIRE HATHAWAY INC DEL CL	4,022	4,050	$114,755.10	$106,800.00	$461,545,000	$432,540,000	($3,213,143)
-63.08%	7.40%	-4,664,350	BERKSHIRE HATHAWAY INC DEL CL	2,730,141	7,394,491	$76.30	$71.04	$208,310,000	$525,305,000	($355,890,318)
-3.88%	14.82%	-752,100	CIT GROUP INC.	18,616,669	19,368,769	$34.87	$30.37	$649,163,000	$588,230,000	($26,225,717)
-91.53%	2.69%	-22,813,910	CITIGROUP INC COM	2,110,093	24,924,003	$26.31	$25.62	$55,517,000	$638,553,000	($600,238,872)
-7.39%	-4.38%	-1,700	GOLDMAN SACHS GROUP, INC.	21,300	23,000	$90.42	$94.57	$1,926,000	$2,175,000	($153,718)
-62.89%	10.80%	-2,169,311	JEFFERIES GROUP INC NEW COM	1,280,300	3,449,611	$13.75	$12.41	$17,604,000	$42,810,000	($29,827,814)
-1.18%	0.26%	-218,612	LEUCADIA NATL CORP COM	18,278,538	18,497,150	$22.74	$22.68	$415,654,000	$419,515,000	($4,971,237)
-3.99%	59.42%	-1,931,800	MBIA INC COM	46,531,244	48,463,044	$11.59	$7.27	$539,297,000	$352,326,000	($22,389,557)
-99.97%	29.32%	-60,548,017	REGIONS FINANCIAL CORP	20,900	60,568,917	$4.31	$3.33	$90,000	$201,694,000	($260,733,088)
-1.08%	-2.20%	-286,745	ST JOE CO COM	26,184,846	26,471,591	$14.22	$14.54	$372,348,000	$384,897,000	($4,077,508)
-1.00%	-44.75%	-162,200	SEARS HLDGS CORP COM	16,108,492	16,270,692	$31.78	$57.52	$511,928,000	$935,890,000	#REF!
										#REF!
										($5,154,717)