The Goldman Sachs Group, Inc. (NYSE: GS) 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.”
PS. Goldman Sachs is now trading at $130 - so Warren, in addition to getting 10% interest and a 10% premium for getting out - he has a $15 profit so far on his rights to purchase $5 Billion in stock (43 1/2 million shares)or $652 million profit (theoretically) in less than a week.
Berkshire Hathaway Board of Directors
| Warren E. Buffett 78 | Chairman of the Board, Chief Executive Officer |
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| Charles T. Munger 84 | Vice Chairman of the Board |
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| Marc D. Hamburg 58 | Vice President |
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| Ronald L. Olson 67 | Director |
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| Walter Scott Jr. 76 | Director |
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| Donald R. Keough 81 | Director |
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| Thomas S. Murphy 82 | Director |
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