Wednesday, September 24, 2008

Buffet throws $5 Billion into 'struggling' Goldman Sachs...

Am I just becoming a complete sceptic? why is it when I see something like this...

Buffett invests in Goldman: Goldman Sachs (GS, Fortune 500) said late Tuesday that Warren Buffett's Berkshire Hathaway is investing at least $5 billion in the bank through a preferred stock purchase and could buy up to $5 billion in common stock over the next five years. Separately, Goldman said it is raising $5 billion in common stock.
Buffett's investment could be seen as restoring confidence in the storied Wall Street firm, amid the ongoing credit market fallout. Goldman shares gained 3.5% Wednesday morning.
Over the weekend, federal regulators said they were converting Goldman and Morgan Stanley (MS, Fortune 500) into bank holding companies, allowing them to buy smaller regional banks and have more direct access to Federal Reserve funding. The move also puts the banks under the Fed's supervision.
from CNN Financial Pages

I get ever-so-slightly suspicious that those Wall Street tycoon-types are taking us for the fools we are. When that rat Buffet makes a move as obvious as this, it's because he's desperate, despetrate to get his grubby hands on his share of all that taxpayer cash that's gonna go flooding into Wall Street, gratis.

Let's face it we're fucked!

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