The Goldman Sachs Warrants‪.‬

Executive Summary Warren Buffet's investment in Goldman Sachs in many respects foreshadowed the Capital Purchase Program's preferred stock plus warrant investments announced a few weeks later by former Goldman Sachs CEO Henry Paulson. This paper assesses the Capital Purchase Program (CPP) and Berkshire Hathaway warrants issued by Goldman Sachs in 2008. It estimates that on May 1, 2009, the taxpayers' warrants in Goldman Sachs were worth between $250 million and $1.2 billion. In addition, Berkshire Hathaway's warrants issued by Goldman Sachs were worth between $1.33 and $3.45 billion. The paper's methodology could be of interest to policy makers, nonprofits, journalists and advisors for the government and the more than 280 publicly traded banks with CPP warrants outstanding.