Bloomberg News

Warren Buffett Profits From Goldman Sachs Rejects, WSJ Says

April 12, 2012

Billionaire investor Warren Buffett benefited from leveraged loans unloaded by Goldman Sachs Group Inc. (GS:US) 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:US), which has so far made a profit because the loans are now worth 82 cents to the dollar, the newspaper reported.

To contact the editor responsible for this story: Chris Peterson at cpeterson@bloomberg.net


Coke's Big Fat Problem
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $170.25 USD
    • -2.62
    • -1.54%
  • A
    (Agilent Technologies Inc)
    • $56.07 USD
    • -0.02
    • -0.04%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus