19 Mar '11, 1am

#singapore #news Goldman buying back Buffett stake: NEW YORK - GOLDMAN Sachs said on Friday it would b... #business

NEW YORK - GOLDMAN Sachs said on Friday it would buy back the US$5.5 billion (S$7 billion) in preferred stock held by billionaire Warren Buffett's Berkshire Hathaway. The Wall Street investment firm announced the plan after receiving a green light from the US central bank. 'The Federal Reserve has concluded that it has no objection to Goldman Sachs' proposed 2011 capital actions, which include the redemption in full of the 50,000 shares' of the company's 'cumulative perpetual' preferred stock owned by Berkshire Hathaway. At the height of the financial crisis, Mr Buffett, known as the 'Oracle of Omaha' for his investment savvy, invested US$5 billion in Goldman, signalling confidence in the Wall Street titan. -- AFP

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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