GEAM Parent Gets the Omaha Seal of Approval
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Wednesday, October 01, 2008

GEAM Parent Gets the Omaha Seal of Approval

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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