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Berkshire Weekend: Buffett, Munger on Goldman, GE

|Includes: Berkshire Hathaway Inc (BRK.A), BRK.B, GE, GS

Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman and vice chairman:

Question on Goldman Sachs and General Electric investments

Buffett:  I felt good about those companies in terms of quality of businesses and management. It was the terms that caused us to make those deals. They were made when markets were in chaos and you should have got favorable terms for committing money and not many people were able to commit money on short-notice. It was a really extraordinary period. We were happy to do it. I feel good about the deals. But considering the circumstances under which the deals were made - I don’t think there was an alternative. I think we made very decent deals. Could we have done something better with the money at that time? I couldn’t find something better at the time. I know the CEOs of both companies very well. I think they’re terrific people, smart people and they’ve been straight with us before we made the deal with them.

Munger: There’s been a lot of criticizing of investment banking in this arena. But Berkshire has had marvelous services from its investment bankers.

Buffett: We’ve done a lot of business with Goldman Sachs over the past few years….. GE is a very,very important American institution.