September 25, 2008
The Merchant of Omaha
Goldman Would Rather Not Dwell in their Necessity
“The Goldman Sachs Group, Inc. announced today that it has reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for a five year term.”
Not exactly a pound of flesh, but certainly a sweet deal for Buffett.
This kindness will I show.
Go with me to a notary, seal me there
Your single bond; and, in a merry sport,
If you repay me not on such a day,
In such a place, such sum or sums as are
Express’d in the condition, let the forfeit
Be nominated for an equal pound
Of your fair flesh, to be cut off and taken
In what part of your body pleaseth me.
September 26th, 2008 at 11:30 am
CM… let me be the first one to say: “I told you so” :)
WM is no more.
September 26th, 2008 at 1:53 pm
@Born2: You’re not the first to tell me; I’ve received dozens of kind? emails expressing sympathy? :-)
October 2nd, 2008 at 2:21 pm
Chairman,
in this Shakespeare tale they did it for love and friendship - risking their flesh. Now we greedy people do it for being big swinging dicks - risking opm.
Cheers,
Markus