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Buffett’s company to buy $3B of GE preferred stock

Warren Buffett’s Berkshire Hathaway Inc. is investing $3 billion in General Electric Co., a huge vote of confidence for an iconic American company battered by the financial crisis.

For the second time in just over a week, Berkshire Hathaway has moved to shore up a company long known for its ironclad fiscal health. Buffett’s company invested $5 billion in Goldman Sachs last week after the famed investment bank’s shares had slumped. Investors feared Goldman could face similar funding squeezes as Bear Stearns and Lehman Brothers.

For GE, the cash infusion marks another dramatic turn in a turbulent 2008.

Buffett, after announcing his investment on Wednesday, praised Fairfield, Conn.-based, General Electric.

“GE is the symbol of American business to the world,” he said in a statement. “They have strong global brands and businesses … I am confident that GE will continue to be successful in the years to come

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http://www.cnbc.com/id/26976408/for/cnbc/