GE getting wacked -down $2

waiting for the big chop on ge....seems like they want to do water torture on it first...

 

GE Capital CDS spreads widen 64 bps to 626 bps-CMA

Wed Oct 1, 2008 8:56am EDT

NEW YORK, Oct 1 (Reuters) - Credit default swaps on General Electric Co's (GE.N: Quote, Profile, Research, Stock Buzz) finance arm widened on Wednesday after a Deutsche Bank analyst cut GE's earnings estimate to reflect deterioration at the finance business.

The cost of annually insuring $10 million of General Electric Capital's debt over a five-year period with credit default swaps rose to 626 basis points, $626,000 a year, up from 562 basis points late on Tuesday, according to data from CMA DataVision.

Deutsche Bank cut GE's 2008 earnings per share estimate by 9 percent to $2. For details see [ID:nWNAB4233]. (Reporting by Dena Aubin, Editing by Walker Simon) (dena.aubin@thomsonreuters.com; +1-646-223-6325; Reuters Messaging: dena.aubin.reuters.com@reuters.net))

 

GE worth no more than $15 in this economy we are in.

 

Got out of that as soon as they said that they wanted to be on the "No short list". Knew something was wrong and the earning conference call gave me no comfort whatsoever. After the ban is taken off watch this tank!

 

All this and crap make it easy to bull rush a company. Congress needs to eliminate all these synthetic crap except options.