Buffett Investing $3 Billion in GE Shares

Oct 1, 2008  •  Post A Comment

General Electric is selling $3 billion in preferred shares to Warren Buffett’s Berkshire Hathaway, Reuters reports. The parent company of NBC Universal is selling another $12 billion in common shares to the public, says the newswire. Shares were down 9% early Wednesday, but during afternoon trading were down by 5% at $24.20 per share. In a statement, Buffett said, “GE is the symbol of American business to the world. I am confident that GE will continue to be successful in the years to come.” Shortly after GE’s announcement, Buffett spoke to CNBC’s Becky Quick, TVNewser reports. “I’m up here in an airplane, and I hope it’s being powered by GE engines,” he joked. About the potential financial bailout by the government, he said, “I think we’ll get action. If we don’t, I’ll have done some dumb things.” TVNewser also says PBS’ Charlie Rose scored an exclusive interview with Buffett to air tonight at 9 p.m. EDT.
—Christopher Perez

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