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Berkshire Hathaway to Invest $5 Billion in Goldman Sachs
By
Jen Chung
Published Sep 23, 2008
Modified Sep 23, 2008
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By
Jen Chung
Published Sep 23, 2008
Modified Sep 23, 2008
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Well, if it's good enough for Warren Buffett... The Oracle from Omaha's company announced it will invest $5 billion into Goldman Sachs, the investment bank-turned-bank holding company. The Wall Street Journal reports, "In addition to the $5 billion from Berkshire Hathaway, which comes in the form of perpetual preferred shares, Goldman will raise at least $2.5 billion in common equity in a public offering." Goldman chairman Lloyd Blankfein said, "We are pleased that... Warren Buffett, arguably the world's most admired and successful investor, has decided to make such a significant investment in Goldman Sachs," while Buffett called the firm "exceptional," "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.” Will this be the boost of confidence investors need?
Tagged
Berkshire Hathaway
business
economy
goldman sachs
wall street
warren buffett
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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