Byron Trott on the September 2008 Berkshire/Goldman deal. I guess it is also a good example of Warren Buffett sticking to his commitments and doing what he says he’ll do. Even if there are billions of dollars on the line, he promised the grandkids ice cream, so Goldman would have to wait. It is also a good example of one of Ben Franklin’s 13 Virtues: “Resolution: Resolve to perform what you ought. Perform without fail what you resolve.”
Warren Buffett’s investment in Goldman Sachs Group Inc. (GS) in September 2008 was so confidential that even his chief financial officer was unaware of it before being briefed on the details by a Goldman Sachs executive, a witness at the Rajat Gupta trial testified.
The second proposal had terms closer to Buffett’s liking, including $5 billion in preferred stock carrying a 10 percent interest rate and the right to buy common shares of stock in a new public offering. Buffett also insisted that top Goldman Sachs executives not sell their own shares.