How many hundreds of billions of dollars are they going to get from taxpayers? That is the question. I believe GE is hiding a lot of bad assets off balance sheet. The company is probably just as insolvent as Citigroup.
LOL, I was just doing my daily skim through the large caps and saw that, I didn't even read the thread, I thought it was the "Is GE OK" thread. In any event, they are holding the bag. GE is the epitome of 'too big to fail.' GE can't fail.
Would be amazing if 2010 BAC,C,AIG,GM,F,WFC,GE,BA,etc.. are all out of business. I wonder how things will look in 2010 when all these big US companies go under.
What was thought impossible or crazy is happening, after seeing this economy just fall to pieces GE will probably be on its way out just like the rest of these companies that made bad bets. The market seems to be a worthless investment for the long term and many people who were about to retire cannot, thanks to greed that created this, the world suffers.
The irony is the people retiring today (babyboomers) are the ones who led this country towards this path. Ironic, they figured they could postpone it further into the future and let their children and grandchildren deal with it. But sometimes the fuse is too short. Now just as they are about to retire, they get to be the first ones to hold the bag. I do get a laugh out if it as I short 401K portfolios
Having grown up near a major GE research center in upstate NY and completing part of the GE Edison program, pisses me off to no end the way this company has been run into the ground over such poor foresight (ala GE Capital). An icon of American engineering/ingenuity turned into a greedy circus show run by incompetent fools. Damn.