Warren Buffett Best Known as Oracle of Omaha

[pioneer]

Warren Buffett may be best known as the Oracle of Omaha, but he became Goldman Sachs' knight in shining armour during the financial crisis which hit Wall Street last year.

On 23rd September 2008, Berkshire Hathaway invested $5 billion in the company, matching a publicly raised investment.

Within hours, Goldman's shares had risen 6%.

Mr Buffett bolstered confidence in Goldman, and, at the same time, secured a favourable deal for Berkshire, with Goldman agreeing to pay Berkshire Hathaway a 10% annual dividend on the preferred stock, irrespective of Goldman Sach's common stock price. - BBC