I have a significant other in the middle of this that is behind the scenes.
It’s worse than the press reports.
I don’t want to give details but all I can say is “Wow.” I’m 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 hasn’t left is scrambling to get out. No one is counting on this thing surviving that knows a sliver of what’s 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.
It’s as ugly as any corporate status as I’ve ever heard about.
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.
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.