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General Electric said on October 1 that it was planning to raise at least $15bn in common and preferred equity, including a $3bn investment in perpetual preferred stock with 10% dividends from Warren Buffett’s Berkshire Hathaway. Buffett’s investment also comes with warrants to invest in $3bn-worth of shares at $22.25 a share, a 13% discount to GE’s closing share price on September 30.

Goldman Sachs announced a similarly-structured investment from Berkshire on September 23.

Berkshire had roughly $30bn of cash at the end of June. In recent weeks, the company has committed more than $10bn of cash to new investments. That may have used up around half the company’s firepower, because Buffett has said he likes to have $10bn or so at hand.

• GE announcement

30 Sep 2008 -

Preferred bailout?

24 Sep 2008 -

Paved with Gold, man