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GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
Keywords: Subprime Lending, Ge,
A decade after a precipitious decline in its stock price during the global financial crisis of 2008 stemming from its GE Capital unit, GE struggles with faltering stock price and poor performance stemming from other strategy errors in its core infrastructure business. GE Capital is being shut down. Now one of its subprime lending units is likely to be put into bankruptcy protection. WMC Mortgage had losses under its GE Capital parent of $1 billion during the financial crisis in one year alone. It has since faced a series of legal settlements and investigations. GE Capital has turned out to be a poor investment and a huge distraction for management for a company which considered its core business as infrastructure related.
GE (General Electric) in the global financial crisis of 2008 with its share price down to $6.00 and overexpansion at GE Capital
03/07/2009
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GE (General Electric) plans for GE Capital in 2015- getting out of the banking business
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GE CEO said Immelt said following GE's experience in the banking business during the 2008 financial crisis when its share price dropped to $6, that this is one he "had'nt got right." Moves in 2014 and 2015 including the acquisition of Alstom's business was designed to bring his legacy at General Electric to end on the right note, as one who focussed on GE's historic strengths, and getting out of banking.
Grouped Articles
GE Weighs Deeper Cuts in Banking Arm
Wall Street Journal 03/13/2015
Investor Group to Buy GE Capital’s Australia, New Zealand Consumer-Lending Unit
Wall Street Journal 03/16/2015
GE CEO Notes Banking Arm’s Weak Returns
Wall Street Journal 03/17/2015
GE Seeks Exit from Banking Business
Wall Street Journal 04/10/2015
Do-It-All Era Ending as G.E. Returns to Core
New York Times 04/10/2015
The Lessons for Finance in the GE Capital Retreat
New York Times 04/10/2015
GE (General Electric) tax rate on industrial business profits back up to 20% without the tax breaks from GE Capital
04/14/2015
Without the tax breaks from GE Capital- which come from using lower tax jurisdiction countries and overseas business- GE's tax rate will now be the rate for other industrial business companies in the U.S. On the day the decision was announced for exiting the banking business GE shares were up 11%, showing that shareholders value the stability of the industrial businesses and the quality of management above the uncertainty generated by volatile earnings from GE Capital. GE shares once considered safe- before the use of GE Capital to generate higher returns- declined to $6 during the financial crisis of 2008, requiring government rescue of GE Capital.
Grouped Articles
Price of Selling GE Capital? Tax Breaks
Wall Street Journal 04/14/2015
General Electric: Banking on de-banking
Economist 04/18/2015
Wall Street Journal 04/01/2016
GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
WSJ 05/03/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
GE Capital in the global financial crisis of 2008- becoming a serious threat to GE's future
03/07/2009
Grouped Articles
New York Times 03/07/2009
Wall Street Journal 04/01/2016
GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
WSJ 05/03/2018
GE (General Electric), AIG, and Citigroup bonds in the 2008 financial crisis- March 2009
04/25/2014
Grouped Articles
GE Is in Talks to Buy Alstom's Energy Business
Wall Street Journal 04/25/2014
GE Warns It Might Put Subprime Lending Unit Into Bankruptcy
WSJ 05/03/2018
G.E. to Spin Off Health Care Division as Part of Major Reshaping
New York Times 06/26/2018
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