Warren Buffett can’t pass up a blue-chip bargain. The billionaire investor and CEO of Berkshire Hathaway (BRKA) has come to the rescue of another embattled U.S. firm, with Wednesday’s announcement that Berkshire will buy $3 billion worth of preferred stock in General Electric (GE).

The deal’s terms are practically identical to the ones Buffett got last week in making a $5 billion investment in Goldman Sachs (GS). Buffett will buy preferred shares paying a rich 10% dividend and redeemable by the issuer at a 10% premium. Berkshire also gets warrants to buy an equal amount of common stock at a discount to recent prices.

Meanwhile, GE plans to sell at least $12 billion in common shares to raise capital to shore up its struggling GE Capital unit. GE announced last week that it would miss profit targets for the third quarter and year, suspend its stock-buyback program and seek to reduce the leverage at GE Capital, saying its results were being pressured by “unprecedented weakness and volatility in the financial services markets.”

Worries about the health of GE Capital sent General Electric shares tumbling earlier Wednesday. The stock dropped as much as 10% before the company announced the capital-raising plans and said it remains on track to meet the financial goals outlined in last week’s press release. GE shares were lately down 4%.

“I have been a friend and admirer of GE and its leaders for decades,” Buffett said in a press release. “They have strong global brands and businesses with which I am quite familiar. I am confident that GE will continue to be successful in the years to come.”

A glance at Buffett’s frenzied dealmaking pace in recent months led Fortune to venture last week that the Goldman deal had likely left the Oracle of Omaha all tapped out. Obviously, however, Berkshire’s golden balance sheet always leaves him with room to take deals - such as an investment in GE on the cheap - that he deems too good to pass up.