Buffett commits $3B to GE
Published by admin on Tagged Investment, US
Warren Buffett has committed $3 billion to General Electric Co., in the latest attempt by perhaps the world’s most revered investor to dive into a beaten-down company he believes has staying power despite a global credit crisis he calls an “economic Pearl Harbor.”
The billionaire’s insurance and investment company Berkshire Hathaway Inc. announced the preferred stock investment as GE, whose shares have slid about one-third this year amid concern over its financial services operations, set plans to sell $12 billion of common stock.