Word: unitization
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...abridged description of the case against GE is simple. The assets of its financial unit, GECS, will suffer from high default rates as the recession undermines the ability of its business and consumer customers to pay their bills. A Deutsche Bank analyst recently wrote that GE Capital has zero value in contributing to the value of the company's stock. His argument is that the unrealized losses on the financial unit's balance sheet are greater than most investors understand. On top of the analyst's report, The Wall Street Journal reported that GE has significant exposure to the failing...
...company's attempt to improve the fortunes of its financial unit will not be without cost. As Morningstar says, "GE's decisions to wind down its non-U.S. portfolio and shift to higher-quality asset classes is welcome even though these decisions will likely pressure earnings going forward." GE makes the risks of its exposure to the real estate, tight credit markets, other financial firms clear in all of its public filings and readily admits that it may not be able to keep its "Triple-A" credit rating which would drive up its borrowing costs...
...stuck to its case that it has been careful to tell investors exactly what is going on inside the financial unit. Yesterday, the firm said, "We made $8.6B in financial services in 2008, and we have an excellent franchise that we are restructuring to perform in the current environment. Also, we have an "originate to hold" model that is highly collateralized, so we have a more conservative approach than the U.S. consumer banks...
...against GE is that it board has not kept CEO Jeff Immelt on a shorter leash. He should have been forced out of many of the company's consumer and industrial businesses more quickly. That criticism seems reasonable. Immelt has also hung on to NBCU, the company's entertainment unit. While it does not belong with the rest of GE's businesses, it performance has not harmed the parent. At its worst, it can be viewed as an expensive way to get good seats at the Olympics. Looked at in a better light it bought in $3.1 billion in segment...
...bases of the toys, triggering fans that cause the balls to rise. Mindflex's headgear comes with earlobe clips, which significantly increase the I-look-like-a-fool factor. The game requires players to move the ball sideways as well as vertically. There's a knob on the base unit that players must turn (the old-fashioned way, with their hands) while focusing to get the ball, for example, through a tiny hoop. At the toy fair, a Mattel spokesperson joked that Mindflex requires "mind-eye coordination...