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GE Yay!!!
Posted: Thu Jan 25, 2018 1:55 am
by _Analytics
The Genwral Electric Company (GE) is an icon of American business and the oldest company in the DJIA. It is one of the most profitable companies in the history of free enterprise. That is, until Trump was elected. Now they are facing $9.8 billion in losses in a single quarter. Thanks for nothing, Trump.
https://mobile.nytimes.com/2018/01/24/b ... oogle.com/
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 4:59 am
by _Dr. Shades
How is it Trump's fault?
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 5:13 am
by _Kevin Graham
Dr. Shades wrote:How is it Trump's fault?
$3.5 billion was because of the recent tax law it says. Not sure how, but I suspect they were penalized for being overseas. GE was one of those companies that paid little to no taxes on a regular basis.
12,000 jobs cut it says. And Trump' s latest tariffs gambit with solar energy is going to cost 23,000 jobs in the first year, probably double that in the second year.
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 5:35 am
by _Black Moclips
I realize the need to blame all bad things on Trump is strong, but nothing in that article suggests its financials woes are due to Trump policies. For example:
Last week, G.E. made a startling announcement that it would take a $6.2 billion charge in the fourth quarter, and set aside $15 billion over seven years to pay for obligations held by its finance unit, mainly on long-term care insurance policies.
Last fall, shortly after taking over as chief executive, John Flannery told investors that G.E.’s big electricity-generation division had badly misjudged the market and produced too many power turbines, warning that it would take a year or more to fix the business
And the one-time tax charges they are taking in 2017, is because they are now required to bring back profits that are currently sitting in tax havens, escaping our federal system. Isn't that what you liberals want? Stick it to the man and F over big corporations that are making billions? Don't you want more tax revenues to re-distribute to the masses?
They are even under investigation by the SEC with respect to its insurance obligations and how its accounting for certain service contracts. All having 100% to do with company mismanagement and 0% to do with Trump.
This thread is a prime example of reading a headline and not the article, and then barfing out your bias and what you would like to be true for all to see.
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 7:00 am
by _Res Ipsa
I suspect this may have been a tongue in cheek response to certain cheerleaders who give Trump credit for all good news since his inauguration.
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 9:54 am
by _Analytics
Res Ipsa wrote:I suspect this may have been a tongue in cheek response to certain cheerleaders who give Trump credit for all good news since his inauguration.
Bingo. The woes at GE are the fruit of seeds that were planted 30 years ago in the days of Jack Welch. Jack made some bad decisions that at the time seemed shrewd and personally made him hundreds of millions, but in reality were a cancerous ticking time bomb growing underneath the surface and festering for years. At the time people celebrated his great insights--it's so much easier and more profitable to make
money by pushing paper around at GE Capital than it is to get your hands dirty trying to bang steel into refrigerators! But we now know that having a business that makes
money instead of useful goods and services was too good to be true. There is no free lunch. It's now time to pay the piper. (If you think of any more mixed metaphors we can add to this, please provide). GE's problems aren't the fault of John Flannery or even Jeffrey Immelt, much less of Donald Trump.
Re: GE Yay!!!
Posted: Thu Jan 25, 2018 11:20 am
by _subgenius
Kevin Graham wrote:Dr. Shades wrote:How is it Trump's fault?
$3.5 billion was because of the recent tax law it says. Not sure how, but I suspect they were penalized for being overseas. GE was one of those companies that paid little to no taxes on a regular basis.
12,000 jobs cut it says. And Trump' s latest tariffs gambit with solar energy is going to cost 23,000 jobs in the first year, probably double that in the second year.
