Wednesday, September 24, 2008

Buffett buys his piece of the shitpile

Noted cautious investor Warren Buffett has made a $5Billion investment in Goldman Sachs. That should keep them afloat for a while and maybe out of the Treasury's pocket. Tell your Senators and Congressman to take note of what Buffett got in return.
Berkshire will buy $5 billion of Goldman perpetual preferred stock that carries a 10 percent dividend.

It also will receive warrants to buy $5 billion of common stock, or 43.5 million shares, at $115 per share, within five years, which could give it a roughly 9 percent stake in Goldman. Last week, Goldman said it averaged 448.3 million common shares in the quarter ended Aug 29.
No Bailout Without Equity!

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