Billionaire investment guru Warren Buffett says it will be a "sad day" when Goldman Sachs unwinds his profitable $5bn position in the banking giant.
Buffett, who made the preference shares investment during the height of the financial crisis in 2008, told Fox Business he waiting on Goldman to tell him of its intention to repay the investment.
"I have not received a call yet from Goldman telling me they want their money back," Buffett says.
"They'll call when they can, and it'll be a sad day," he said with a laugh, as it is incredibly profitable to Berkshire shareholders.
While Buffett's capital injection allowed Goldman to avoid much of the pain felt by investment banking peers, it did come at a cost to the company.
Buffett received a 10% dividend on the $5bn of preferred stock, as well as warrants to buy shares of Goldman at $115 a share, good until October 2013. Goldman shares were trading at about $157 on Monday.
The investment pays Buffett's Berkshire nearly $500m a year. "We're getting $15 a second from this investment," the 'Sage of Omaha' told Fox.
Goldman can unwind Berkshire's stake simply by giving 30 days notice, which Buffett has not yet received. In order to repay Buffett, Goldman needs approval of the Federal Reserve.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created