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Buffett's $5bn help

US magnate Warren Buffett's firm Berkshire Hathaway has stepped in to shore up the troubled Bank of America with a $5bn (¤3.4bn) investment.

The company previously helped prop up Goldman Sachs.

Bank of America will sell Berkshire 50,000 shares of cumulative perpetual preferred stock with a 6pc annual dividend, it said in a statement.