Selling a convertible preferred that cheap – a 10% coupon with a below market strike???- seems to mean things aren’t all that rosy at Goldman???:
Berkshire will buy $5 billion of perpetual preferred stock that carries a 10 percent dividend. It also will receive warrants to buy $5 billion of common stock at $115 per share, exercisable within five years.
The market seems to like it, for the moment.