Uncle Warren: Can I Have $5 Billion? (GS, BRK-A)

Warren Buffett

that Goldman Sachs

owes him, at least not yet. Buffett said Goldman Sachs Group Inc. will likely received Federal Reserve approval this year to repay the $5 billion he lent the company during the financial crisis of 2008, which will hurt investment income at Berkshire Hathaway Inc.

. Buffett released his

letter this weekend, and talked about the investment. “The redemptions are nevertheless unwelcome,” Buffett wrote. “After they occur, our earning power will be significantly reduced.” In addition to injecting money into Goldman Sachs, Berkshire also put $3 billion in General Electric Co.

. Both of these investments pay 10 percent annual interest to Berkshire. Buffett said the Fed “will likely give Goldman the green light before long." “The Federal Reserve, our friend in respect to Goldman Sachs, has frozen dividend levels at major banks, whether strong or weak,” Buffett said. “Wells Fargo, though consistently prospering throughout the worst of the recession and currently enjoying enormous financial strength and earning power, has therefore been forced to maintain an artificially low payout.” In addition to the preferred stock he owns in Goldman, Berkshire also has warrants which give the company an option to buy $5 billion of Goldman Sachs stock for $115 a share. At last check, shares of Goldman were trading around $166. If you don't want the $5 billion Mr. Buffett just yet, I'll take it. I have plenty of things I can do with it.