Wednesday, September 24, 2008

Goldman Sachs to get $5 billion from Buffett

Warren Buffett, shown at a shareholders meeting earlier this year, described Goldman Sachs as having an "unrivaled global franchise." (Carlos Barria/Reuters)

In return, Berkshire Hathaway, the conglomerate run by Buffett, will receive perpetual preferred shares in Goldman Sach, said the spokesman, Lucas Van Praag. The preferred stock will pay a 10 percent dividend.

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