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Bailout: Buffett places his bet on the winner
Old 09-24-2008, 02:34 AM   #1
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Bailout: Buffett places his bet on the winner

OMAHA, Neb. Warren Buffett's Berkshire Hathaway Inc. is investing at least $5 billion in Goldman Sachs, a huge vote of confidence for one of the survivors of the credit crisis that felled two of its investment banking peers.

In addition to buying $5 billion in preferred stock, Berkshire also got warrants to buy another $5 billion in Goldman's common stock. Goldman also said late Tuesday it would raise another $2.5 billion in its own public stock offering.

"Goldman Sachs is an exceptional institution," the chairman and CEO of Berkshire Hathaway said in a news release. "It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance."
Buffett Buying $5 Billion Stake In Goldman Sachs

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Old 09-24-2008, 05:34 AM   #2
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GS went from a low of 113.01 to 125.05 with huge increasing volume at the close before any announcement of the Berkshire investment ... in a falling market. This is business as usual at Wall Street.
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