The value of Warren Buffett's options to buy Goldman Sachs shares fell by over $1bn after the SEC sued the investment banking giant on Friday.
Bloomberg reports the warrants, which give Buffett's Berkshire Hathaway the right to buy Goldman Sachs common stock for $115 a share, were worth about $1.99bn at 4:01pm on Friday, down 34% from $3.01bn on Thursday. Goldman Sachs' share price fell $23.57, or 13%, to $160.7 on the NYSE on Friday following news the SEC was suing it for fraud tied to collateralised debt obligations. Buffett's Berkshire obtained the warrants on $5bn of Goldman Sachs stock as part of an agreement that extended financing to the bank during height of the 2008 credit crisis. Berkshire has $5bn of preferred sha...
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