Buffett bought callable preferred stock and warrants. Differences: preferred stock only pays a dividend when Goldman makes a profit. In a bankruptcy, preferred

Buffett bought callable preferred stock and warrants. Differences: preferred stock only pays a dividend when Goldman makes a profit. In a bankruptcy, preferred is ahead of common, but behind creditors. At any time, Goldman can pay Buffett a 10% premium to the issue price, and get the preferred back. If Buffett exercises his warrants, he will still own the preferred.