General Electric - GE
What is your review for the items produced by "General Electric" or short term "GE"?
GE pays $23M to settle Iraq kickback charges:
General Electric Co. Will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the government of Saddam Hussein in order to win contracts under a U.N. Program. Ref. Source 6
General Electric Tapped Fed To Borrow $16 Billion:
IC: Newly released documents from the Federal Reserve Board show that General Electric Co. Was a significant user of one of the Fed's rescue programs in the fall of 2008, even as the blue-ribbon company enjoyed the highest credit rating available at the time. Ref. Source 4
GE to sell private equity financing unit to Canada Pension Fund for $12 billion
General Electric announced Tuesday it is selling its U.S. Sponsor Finance business and a $3 billion bank loan portfolio to Canada Pension Fund Investment Board in a deal valued at $12 billion. The Sponsor Finance business includes Antares Capital, GE Capital's lending business to private equity-backed firms. "This represents an important milestone as we continue to execute on our strategy to sell most of the assets of GE Capital," Keith Sherin, GE Capital chairman and CEO, said in a news release. Ref. USAToday
GE says CEO Jeff Immelt is stepping down; health care unit leader John Flannery to take over. General Electric says Jeff Immelt is stepping down as CEO. John Flannery, president and CEO of the conglomerate's health care unit, will take over the post in August. Ref. USAToday.
General Electric to cut 12,000 jobs in its power division. The company said the cuts would contribute to GE's plans to slash $3.5 billion in "Structural costs" in 2017 and 2018. That includes a $1 billion cost-cutting plan in 2018 by the GE Power division. Ref. USAToday.