General Electric announced some abysmal results last week but it's okay because once again, Warren Buffett to the rescue! GE is selling $3 billion of perpetual preferred stock* to Buff's Berkshire Hathaway, in a transaction that is "almost identical to the Goldman deal," and was proposed to the Oracle of O by his main man at GS, Byron Trott. Buffett put his thick stamp of approval on the company in a press release today, saying, "GE is the symbol of American business to the world," and went so far as to add, "I have been a friend and admirer of GE and its leaders for decades." As we all know, O Cubed drives a hard bargain and is also a lovah of the ladies. So, let us determine conclusively, here and now-- did GE offer unfettered access to Hayden Panettiere, and did WB hold out until a guaranteed menage was agreed upon starring the cast of 30 Rock? Cause that's what we're hearing.
Buffett also told gal-pal Becky Quick, in a phone interview (from an airplane), "The cheaper things get, the more I like them." Make of that what you will.
*And plans to sell at least $12 billion of stock to the public.
Posted by guest , Oct 01, 2008 2:16PM
becky quick: still sultry
erin burnett: looking older today, no? where's the doe-eyed intern look...?
and 1st!
Posted by guest , Oct 01, 2008 2:17PM
Warren has the simplest business model in the world and has more money to show for it. Simple is good.
Posted by cheesedog , Oct 01, 2008 2:20PM
Interesting....GE CDS is widening out again
Posted by MarshallStack , Oct 01, 2008 2:23PM
Really?
I saw offers pulled.
Warren has prison sex with any company that wants his seal of approval.
Wow. That's a sweet spot.
Posted by Investorcluzo , Oct 01, 2008 2:23PM
if ge has to go all the way to omaha to get credit, we're all fk'd! batten down the hatches, go long on spam futures - his is going to get ugly.
Posted by guest , Oct 01, 2008 2:24PM
He must have repeated to Quickie three times that you need to be buying with cash. Not credit. Why did she have so much trouble understanding this simple concept?
Posted by guest , Oct 01, 2008 2:26PM
I'm seeing the scene from "The Godfather" where they all line up to see him. Buffet in this case being the Godfather. Wonder who is next.
Posted by MarshallStack , Oct 01, 2008 2:28PM
5yr GE is 530-550
Posted by guest , Oct 01, 2008 2:28PM
Crap. This screws up the September Madness bracket... GE needs to be added to the list.
Still have BRK crushing Citi in the next round..
Posted by guest , Oct 01, 2008 2:29PM
Now where are guys like Gates and Jobs and that Oracle CEO?
Posted by guest , Oct 01, 2008 2:35PM
Mr. Lovah Lovah....O Cube is value/vulture investor if I ever saw one...
Homey is gonna be worth 100+ billion when things turn around and he has his hands up the skirts of GE/GS...
Bravo Mr. Buffet. Bravo.
Posted by guest , Oct 01, 2008 2:37PM
great tag
Posted by guest , Oct 01, 2008 2:38PM
MUST SEE:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MESELX:IT&item=320306090254
Posted by Master of None , Oct 01, 2008 2:38PM
I propose more use of the word "thick" in conjunction with WB.
Also "hard" and "gentle but assertive".
Posted by MarshallStack , Oct 01, 2008 2:42PM
@13 wasn't that offered at 1300 last week?
Posted by guest , Oct 01, 2008 2:43PM
What is an Omaha?
Posted by guest , Oct 01, 2008 2:45PM
@12...agreed. Bess, you never cease to please.
Posted by guest , Oct 01, 2008 2:49PM
It always amazes me that at his age he's still a patient investor.
Posted by guest , Oct 01, 2008 2:54PM
It should be Warren "The Master of the Universe" Buffet, instead of Hank Paulson. He sure seems to be vying for that spot, anyway.
Posted by guest , Oct 01, 2008 2:56PM
Is warren a friend of george?
Posted by guest , Oct 01, 2008 2:58PM
is GE on the no short list?
Posted by guest , Oct 01, 2008 2:59PM
@ 21 - yes.
Posted by guest , Oct 01, 2008 3:50PM
I thought Byron was retiring from GS? The guy is a banking machine.
Anyways, could Buffet's recent (and massive) penchant for philanthropy be clouding his judgement...Probably not.
Posted by guest , Oct 01, 2008 4:04PM
Hey, you you hear about this new book on Buffett? "Snowball" something.
I hear that when Charlie Munger wanted to read this book he tried to borrow it from the library. However, it was out on loan to Warren Buffett at the time.
Posted by guest , Oct 01, 2008 4:19PM
Buffett had sex with Becky at Sheraton Omaha with assist to the Viagra.
A friend of a friend of Becky told me.
Posted by guest , Oct 01, 2008 4:37PM
@25 - not true. By Buffett's own admission, he enjoys muching on mixed nuts.
Posted by guest , Oct 01, 2008 4:41PM
@26 - yes, true.
After he was done, I heard he plonked down a $100 bill on the dresser and mumbled something like "treat yourself to some mixed nuts and Cherry Coke". Then he left.
Posted by guest , Oct 01, 2008 5:15PM
What's the over/under on Mr. Cherry Nuts not living to seeing a rebound and pac rims storming the beaches of San Diego?
It will be the opposite of Inchon... peoples republic secures mcmansions via TJ...
Posted by diablo , Oct 01, 2008 5:34PM
All I want to know is whether after this deal Welch will stop chasing Immelt with a gun.
http://www.msnbc.msn.com/id/24163368/