Skip to comments.GE takes $22.8B loss in Q3, reveals DOJ criminal probe
Posted on 10/30/2018 9:06:15 AM PDT by rintintin
General Electric took a $22.8 billion loss in the third quarter, with the conglomerate disclosing a criminal investigation by the U.S. Department of Justice over its financial reporting.
Under its new chairman and CEO, General Electric is cutting its quarterly dividend to a penny a share next year, after paying out 12 cents over four successive quarters and 24 cents in the prior year.
(Excerpt) Read more at google.com ...
The media and press have been too busy with important issues like cold case high school heavy petting, Stormy Daniels camel toe prints at Trump Hotels, and Sara Huckabee’s pie baking, than to report on real news like General Electric under a DOJ probe? Priorities man!
Unfortunately, my wife has a bunch of GE stock in her IRA.
She and a lot of other people.
Just sold the rest of mine. It was purchased by my grandfather in the 1920s and early 1930s. He sold some in 1936 to buy a farm at a garage sale. My Dad held the shares he inherited for 40 years. He never sold or bought any. He just collected the dividends all those years. It was like a family heirloom but its time for it to go (imho)
Is GE down into penny stock territory yet?
Hoping that this means it’s getting to bottom. Looking to pick up some on the cheap. Lowest it got in ‘07 crisis was $6 or $7.
GE is going the way of Sears.
Definitely not the time to sell, unless you can’t take the short-intermediate term hit. You either believe GE survives and flourishes eventually, or you don’t.
GE has some really good stuff: jet engines; advanced medical imaging equipment, nuclear reactor technologies, ...
I have a significant other in the middle of this that is behind the scenes.
Its worse than the press reports.
I dont want to give details but all I can say is Wow. Im relayed stories every day that would make me dump the stock.
However not many people bought GE at $11 a share and would lose a ton selling it. My advice? Wait for the breakup and reissuing of new stock in whatever the remaining spinoffs may be.
The brain drain going on with mid-level management is mind boggling. Everyone that hasnt left is scrambling to get out. No one is counting on this thing surviving that knows a sliver of whats going on.
GE has told more than one firm they are outsourcing work to to stop poaching their employees or their contracts will be cancelled. There are ring fences up preventing employees in certain divisions/areas from being allowed to post jobs internally to other business divisions.
Its as ugly as any corporate status as Ive ever heard about.
Is ObamaLamaDingDong’s former job Czar still running the company?
You know, the little cuck that told american to stop criticizing big government.
“GE is going the way of Sears.”
With all due respect, I don’t think this will be the case - as they are involved in a lot of major areas. They make a lot of health care equipment. They’re in avionics. They’re in finance. They’re in areas like 3-D printing. And, obviously, power production. They have a lot of in house innovation. They need good management going forward. I’m not saying buying their stock is a good option at this point, but there is a lot at stake for a lot of people if this company goes belly up.
Are you suggesting they are “Too Big To Fail”?
Then they need to be broken up.
That is very, very disturbing, and well beyond anything I thought was happening. If they’ve been hiding this from investors, that’s unforgivable. There will likely be a class action suit, in which investors who lost will get pennies, but some slimy attorneys will make a fortune.
GE products are horrible.
“Are you suggesting they are Too Big To Fail?”
No. I’m just saying that they have a lot of innovation and in house technology and businesses that appear to be competitive and of high overall value. Their medical equipment, for instance, is very good. That said, after reading post 13, I’m rethinking their survivability. I know its just hearsay at this point, but I am very concerned.
A friendly, and possibly completely non-applicable reminder, that the SEC will take action against people who trade in a stock based on any knowledge that is not widely public; and that would likely include anybody reading this particular thread and seeing this comment, unless the “behind the scenes” person referenced does not actually have any actual knowledge.
“behind the scenes” is a red flag for security fraud.
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