Word: ge
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Faced with this threat, Kentucky officials hired Coopers & Lybrand, an accounting and consulting firm, to conduct a study--paid for by GE--on whether the company really intended to turn out the lights. The answer Coopers & Lybrand came up with...
...GE, which over the years had failed to update a washing-machine factory in Louisville--described as an "obsolete facility" that is "just one step above archaic"--threatened to close it unless state and local governments helped subsidize its modernization and 7,000 hourly employees agreed to cost-cutting work rules...
...clear why the state of Kentucky believed it was the responsibility of taxpayers to improve GE's profit margins. Nevertheless, in 1993, Kentucky granted $19 million in income tax breaks over 10 years to the washing-machine factory in GE's sprawling Appliance Park complex. The city of Louisville and Jefferson County kicked in an additional $1 million...
...break notwithstanding, employment in Appliance Park continues to fall. Last February, GE announced that over the next two years, 1,500 jobs would be eliminated as range and dryer production is phased out and moved to Georgia, where wages are lower, and Mexico, where wages are much lower. Today 6,200 people work in Appliance Park--down 72% from a high...
...sellers. Take General Electric: on Friday I bought shares at $75, then $74 and then $73, and then I doubled down at $72 with 18 minutes left before the bell. For a minute, I wanted a hemlock cocktail, as it flashed on my screen that Microsoft had just overtaken GE as the world's largest capitalization stock. But then the mischievous GE seller disappeared. The stock rose right back to 75 7/8, putting the company's total market value back above that of Bill Gates and his gang--and, more important, giving me my best trade of the week when...