Goldman Sachs is paying $1.7bn (€1.3bn) for Warren Buffett's benediction. Today, Goldman said it would buy back the preferred shares it sold to Buffett's Berkshire Hathaway in the autumn of 2008, after the Federal Reserve didn't object to the plan.

Goldman has paid $1.18bn in dividends so far to Berkshire, and the redemption, effective April 18, will trigger $24m in accelerated dividends. In addition, the bank is paying $500m to redeem the 50,000 shares of 10% cumulative perpetual preferred stock, for a total profit to Berkshire of $1.7bn for the shares.