While reading this rather interesting article about the GE situation on the New York Times website, it suddenly dawned on me why the CNBC anchors are so rabid and full of "barely suppressed rage" to quote Bob Herbert:
A big part of their net worth is probably in or tied to GE stock and GE, their parent company, is in the process of going to zero if the above chart (click to enlarge) is any indication!
As the article points out:
“We’re in a new world, and new types of transparency are required,” Senator Christopher Dodd said this week. He was speaking at a hearing about A.I.G., but really, he could be talking about any company at this point. There is no faith. There is no trust. There is no confidence.
These days, the only thing that matters is proof. That is what General Electric has to supply.
A big part of their net worth is probably in or tied to GE stock and GE, their parent company, is in the process of going to zero if the above chart (click to enlarge) is any indication!
As the article points out:
“We’re in a new world, and new types of transparency are required,” Senator Christopher Dodd said this week. He was speaking at a hearing about A.I.G., but really, he could be talking about any company at this point. There is no faith. There is no trust. There is no confidence.
These days, the only thing that matters is proof. That is what General Electric has to supply.
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