The part where you blame GE for TARP when I can't find any information that it took TARP money?
Okay, let’s look at the numbers this way.
GE had, as of late 2008, $139 Billion dollars of risky bad debt insured by the FDIC as if it was a simple bank savings account (at that time, up to $100,000 was that limit for you and me). Yes, they are paying something, a pittance, for that, just as a normal risk-free bank savings account has to have a fee they pay to insure the savings account. Those guarantees run out in 2012 at this time.
So, what sort of risk do you see in that? Do you not think this influences ongoing government policy, knowing that risky GE debt may all wind up defunct, falling back on the taxpayers like GM and Chrysler?
Do you think GM and Chrysler were good investments, 1rudeboy? I mean, as long as the shareholders were covered, what did the companies do wrong?
In my opinion, these, too, should have gone under, having no help from the government. The government effectively bought them, guaranteeing their debt and allowing them to continue to run, then they defaulted and we are stuck with them. Guess what? This is what we are lined up for when this GE lifeline on UNSECURED bad debt is let go, or, we continue to float it, metering it into the total cost of the whole economic bailout.
From NYT (Nov. 2008:
The F.D.I.C. program covers about $139 billion of G.E.’s debt, or 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing by June 30.
http://dealbook.blogs.nytimes.com/2008/11/12/fdic-to-back-139-billion-in-ge-capital-debt/
Also what do you make of this collusion with 0bama:
http://bungalowbillscw.blogspot.com/2009/03/obamas-secret-general-electric-bailout.html
And we don’t know how much in the way of stocks and bonds the government and the FED have bought in GE to artificially prop it up. This is part of the stuff going on behind the scenes we aren’t privy to, but this is out there, just as this week’s allegations of a hidden US Government program to artificially reduce the price of gold, managed by JP Morgan, blew open by a Goldman trader opening his mouth. Of course, Goldman has been doing similar stuff in that and other markets for the government, too, it now appears.
I have no love for opportunists that make money by stealing from others. Perhaps you do.