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Well, the problem is GE turned themselves into a hedge fund that happens to manufacture some real goods. They also have a history of lying to the street -- I d
by earl 18y ago
Well, the problem is GE turned themselves into a hedge fund that happens to manufacture some real goods. They also have a history of lying to the street -- I don't remember the date, but they went from Jeffrey Immelt proclaiming they were doing really well to slashing estimates inside 10 days if I remember correctly. Not exactly confidence inspiring.
http://clusterstock.alleyinsider.com/2008/9/ge-on-second-thought-you-re-right-we-re-screwed http://clusterstock.alleyinsider.com/2008/9/ge-on-second-tho...
So -- factor in a history of an incompetent CEO who doesn't understand what the bit of his company that made 40 percent of his profits last year is doing, a precarious climate for any financial firm, plummeting fixed investment, and... why are you surprised?