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Billionaire investor Warren Buffett benefited from leveraged loans unloaded by Goldman Sachs Group Inc. (GS) traders, the Wall Street Journal reported, citing people familiar with the matter.
Goldman sold about $85 million in loans made to newspaper publisher Lee Enterprises Inc. at about 65 cents on the dollar; the bank sustained a loss of $13 million after it had originally paid 80 cents, the WSJ said.
They were acquired by a unit of Buffett’s Berkshire Hathaway Inc. (A), which has so far made a profit because the loans are now worth 82 cents to the dollar, the newspaper reported.
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