In what appears to be a sign of atonement for past sins, Goldman has enlisted the help of Warren Buffett to help prove to the American people that it deserved the billions in bailout money that kept it afloat during their darkest days. It hopes to achieve this goal through a philanthropic effort aimed at assisting small businesses.
While this was a surprise move from Goldman, Warren Buffett watchers know that the financier is no stranger to philanthropy. His own charitable organization, the Susan Thompson Buffett Foundation, which assists college bound students across Nebraska, has raised billions in assets.
Warren Buffett's Portfolio
The investor's most famous charitable act occurred more than three years ago when he announced he would donate 83% of his fortune to the Bill and Melinda Gates Foundation. Additionally, Buffett has auctioned off cars and lunches in an effort to raise money for different organizations.On the surface this latest plan appears virtuous. However, not ones to miss out on a profit, it is likely that the new initiative will bag both Goldman Sachs and Professor Buffett a nice profit. This is not the first time that Buffett has come to the aid of Goldman Sachs. Last year, in the midst of the financial meltdown that claimed big names like Bear Stearns and Lehman and left others like JP Morgan (JPM) and Bank of America (BAC) gasping for air, Goldman desperately turned to the Oracle for relief.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV