link to article: http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955.html?hpid=topnews
General Electric, the world's largest industrial company, has quietly become the
biggest beneficiary of one of the government's key rescue programs for banks.
At the same time, GE has avoided many of the restrictions facing other
financial giants getting help from the government.
The company did not
initially qualify for the program, under which the government sought to unfreeze
credit markets by guaranteeing debt sold by banking firms. But regulators soon
loosened the eligibility requirements, in part because of behind-the-scenes
appeals from GE.
So, GE is getting money from all of us, because they can. Mind you the govt. turned down California's request for help, because it was actually for the average citizen. Come July 1st. California is going to be in a world of hurt - welfare, health, parks, jobs, the list goes on and on will be stopping.
But GE a Huge corporation got 340 BILLION from the bail out!!!!
Everyone needs to seriously BOYCOTT ANYTHING NBC!!! All of us suffer, while others get money just for the heck of it, when they don't need it!!!
As a result, GE has joined major banks collectively saving billions of dollars
by raising money for their operations at lower interest rates. Public records
show that GE Capital, the company's massive financing arm, has issued nearly a
quarter of the $340 billion in debt backed by the program, which is known as the
Temporary Liquidity Guarantee Program, or TLGP. The government's actions
have been "powerful and helpful" to the company, GE chief executive Jeffrey
Immelt acknowledged in December.
GE's finance arm is not classified as a bank. Rather, it worked its way intoBelow you will see, it IS the largest corporation - they had NO RIGHT to get 340 BILLION dollars!!!
the rescue program by owning two relatively small Utah banking institutions,
illustrating how the loopholes in the U.S. regulatory system are manifest in
the government's historic intervention in the financial crisis.
The current good fortune of General Electric, ranked by Forbes as the world's
largest company, has roots in the Great Depression, when it created a consumer
finance arm so that cash-starved families could buy its appliances.
grew from those beginnings is now a powerful engine of profit, accounting for
nearly half of its parent's net earnings in the past five years. GE may be
better known for light bulbs and home appliances, but GE Capital is one of the
world's largest and most diverse financial operations, lending money for
commercial real estate, aircraft leasing and credit cards for stores such as
Wal-Mart. If GE Capital were classified as a banking company, it would be the
nation's seventh largest.
The article is 4 pages long and well worth reading - including on how GE worked the system to get the money!!
The govt. doesn't stop amazing me, on how they are working against the people and only for big corporations!
Again - I have gotten an email going - linking this article asking everyone to BOYCOTT ANYTHING NBC!!
That is one of the mildest things we can all do, to show our disapproval of the government and big corporations who are getting money from all of us!!