Warren Pimps GE with $3 Billion (GE)

Just like that, General Electric Co. (NYSE:GE) gets $3 Billion from the Oracle and GE will also sell $12 billion in common stock to the public. Berkshire also received warrants to buy $3 billion worth of common shares at $22.25 each over five years.  Buffett is Big Pimping.

Buffett on Thursday praised Fairfield, Conn.-based, GE, which makes everything from light bulks to jet engines and owns NBC television.

"GE is the symbol of American business to the world," Berkshire Hathaway Chairman and CEO Warren Buffett said "They have strong global brands and businesses ... I am confident that GE will continue to be successful in the years to come."

But the conglomerates' shares have dropped 42 percent in the past year, badly hurt by its financing business, which accounts for nearly half it profit, and has taken a big hit from falling consumer confidence, tighter credit, and the collapse of housing markets.

Analysts said Buffett's endorsement will mean as much or even more than Berkshire's cash.

More of the Story at the Seattle PI: http://seattlepi.nwsource.com/business/1310ap_ge_buffett_investment.html