Boycott Anything NBC/MSNBC/CNBC - GE Govt's Biggest Beneficiary of Bailout

Originally posted by questioningall
How outrageous that GE is the biggest beneficiary of the Govt's bailout program, by owning 2 small banks - they don't have to follow the rules either!

link to article: www.washingtonpost.com...

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 into 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.

Below you will see, it IS the largest corporation - they had NO RIGHT to get 340 BILLION dollars!!!

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.

What 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!!

Edit - GE OWNS NBC/MSNBC/CNBC - for those who may not know.

Also - email others about this info - wouldn't it be Cool if ATS members got a boycott going against the network?!

[edit on 29-6-2009 by questioningall]

They are the money GEnie aren't they. They got money out of thin
air, that's kinda magic.

Correct me If I'm wrong, but it looks like GE actually went out to buy
some more debt just so the Tax Payer can pay for it.

Brilliant, only in Umerica. I thought the Umercian dream was a dream,
but instead it's alive and well living in GE.