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Buffett's company to buy $3B of General Electric preferred stock
By The Associated Press - 10/04/2008
OMAHA, Neb. (AP) — Warren Buffett's Berkshire Hathaway Inc. is investing $3 billion in General Electric Co., a huge vote of confidence for an iconic American company battered by the credit crisis.
It's the second time in as many weeks that Berkshire Hathaway has moved to shore up a company long associated with ironclad financial health.
In late September, Buffett invested at least $5 billion in Goldman Sachs.
Buffett is buying $3 billion of General Electric Co. preferred shares. The perpetual preferred stock carries a dividend of 10 percent, similar to the terms Buffett struck with Goldman Sachs.
GE, based in Fairfield, Conn., also plans to sell at least $12 billion worth of common stock to the public.
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