Wednesday, September 24, 2008
Good news for Goldman...but what about everyone else?
That's the question David Geffen asks in the Wall Street Journal MarketBeat column:
The Berkshire Hathaway Inc. chairman [Warren Buffet] has thrown down with his first investment in the battered financial sector since the crisis began, with a $5 billion stake in Goldman Sachs.The warrants would enable Buffet to buy up to $5 billion in common stock at $115 a share (Goldman shares are trading around $130).
That's a variation on my theme below - note that Buffet is supporting Paulson's plan, a plan that would not give the American people any equity stake in the bailed-out firms, but as for himself he is getting lots of equity. Lots.
Buffet's being careful with his money; why won't Hank Paulson take equal care of ours?
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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