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Professor Buffett Tutors Goldman

The company offered to sell Buffett's Berkshire Hathaway (BRK.A - Get Report) $5 billion in preferred shares with warrants paying 10% interest. Buffett bought in and as since earned over $2 billion in profit.

Today, thanks to both Buffett, and the billions of dollars from the taxpayer's bailout, Goldman Sachs holds the throne as the reigning king of Wall Street. Recently, the firm has returned to announcing strong earnings and setting aside large bonus pools for its employees.

However, while the bank holding firm is riding high, the rest of the U.S. economy can not say the same. With rising debt, high levels of unemployment, and other problems, the taxpayers who saved Goldman continue to suffer from the mess the firm helped to create. Needless to say, many taxpayers have responded with anger, questioning whether or not Goldman was worthy of their help in the first place.

This week, CEO Blankfein showed his empathetic side by issuing an apology on behalf of the financial giant. At a New York corporate conference, the CEO told listeners that Goldman regretted taking part in the cheap credit boom that helped fuel the pre-crisis bubble.

He then turned the focus onto Goldman Sachs' newest venture: a program to help small businesses. Co-chairing the "10,000 Small Businesses" initiative would be none other than Warren Buffett.

The aim of the "10,000 Small Businesses" program is to provide small businesses in the United States with access to capital, education and networking opportunities in hopes of spurring productivity and getting them back on their feet.
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