It looks like GE Asset Management
's parent has an influential new friend. CNBC
reports that Warren Buffet
's Berkshire Hathaway
pumped $3 billion into the ailing company today. GE also announced a common-share offering of $12 billion in stock.
"GE is the symbol of American business to the world," Buffet said in a news release. "I am confident that GE will continue to be successful in the years to come."
GE's large finance arm has taken a hit from volatility in global credit markets. The company warned that profits could be off as much as 12 percent this year.
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