Buffett Takes $3B Stake In GE

Warren Buffett’s Berkshire Hathaway will buy $3 billion of preferred shares in General Electric. The conglomerate, which has seen its shares drop as its finance unit struggles to cope with global financial turmoil, is also offering $12 billion in common shares. Buffett also gets warrants for $3 billion of common stock with a strike price of $22.25. (Bloomberg)