Buffett's Blessing Gets Goldman Twice As Much Cash

Forget that old saying, “Goldman is gold.” It should be amended to “Goldman is gold, as long as Buffett says so.” Not quite as catchy, but based in fact:

Bloomberg: Goldman Sachs Group Inc. raised $5 billion in a stock offering, twice the amount the firm originally sought, after gaining an endorsement and a $5 billion cash infusion from billionaire investor Warren Buffett.

The New York-based bank sold 40.65 million shares of common stock at $123 apiece, the firm said in a statement today. That’s a 1.6 per cent discount to yesterday’s closing price of $125.05. The company, which underwrote its own offering, has an option to sell an additional 6.1 million shares.

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