GE (GE) is raising $15 billion, some of it from Warren Buffett at usurious rates. In many states his actions would have been illegal.
Why does GE need the money? No so long ago its CEO Jeff Immelt described the conglomerate’s financial operations as "boring", an indication that all was well. GE cut its forecasts for the third quarter and the full year, but it only cut them a little bit.
It is time for Ben Bernanke to descend from Mount Olympus and join the Croesus of the administration, Henry Paulson, in the the trenches, or the tranches, depending on your perspective.
Late word is that the Fed may cut interest rates. Up until recently, the odds for that were long. But, the credit crisis has deepened during the past few days. People cannot borrow a dollar for a cup of coffee and small banks are not giving car loans.
According to Reuters, the economic bailout bill passed the Senate and is likely to pass the House.
Reuters reports that GE (GE) raised $15 billion with some of the capital coming from Warren Buffett.
Reuters writes the the SEC extended its short sales ban.
Markets in Asia were mostly lower with Shanghai closed for the holiday.
The Nikkei was down .8% to 11,273. Toyota (TM) fell on poor US sales. Honda (HMC) was down as much as 4%. Sony (SNE) traded down as much as 6%.
The Hang Seng fell 1.1% to 17,826. Hang Seng Bank fell on potential exposure to the failure of WaMu.
Douglas A. McIntyre
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