Before the economy skidded, Warren Buffett was a well known and pretty well liked guy. Now though, he’s a mythical super creature, peppering any conversation regarding troubled economies or companies. Remember when Obama just threw his name out there as a possible Treasury secretary? Or how about when the Financial Times threw his name out there as an example of the financial saviour General Motors needs? Well, there’s only one Buffett, so GM’s dream of a billionaire with cash to invest, is probably just that, a dream.
FT: General Motors is seeking a sizeable capital injection from outside investors as a possible alternative to a deal with Chrysler, the carmaker’s smaller Detroit-based rival.
Such an investment would be along the lines of Warren Buffett’s recent purchases of minority stakes in General Electric and Goldman Sachs.
While private investors are searching for ways to deploy capital through minority investments, many such deals, including the capital infusion by TPG into Washington Mutual, have struggled or failed.
One banker questioned GM’s chances of finding an outside investor. “I just don’t think most private equity guys are that enamoured of the auto industry and I don’t know how you could try to secure it in some way,” he said.
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