General Electric (GE) is the parent company of MSNBC. Does anyone remember MSNBC reporting that GE received billions in loans from the Fed? If so, please leave a link in the comments below. I’d love to see it.
By the fall of 2008, credit had frozen across the financial system, including the commercial paper market. The Fed then purchased commercial paper issued by GE 12 times for a total of $16 billion. It bought paper from Harley-Davidson 33 times, for a total of $2.3 billion. It picked up debt issued by Verizon twice, totaling $1.5 billion.
“It is hard to say what would have happened without the facility, and how its absence might have affected GE, but overall the program was extremely effective in helping stabilize the market,” GE spokesman Russell Wilkerson said by e-mail.
Please, stop buying General Electric products.
I heard that the total of the Federal Reserve’s worldwide bailouts could come to as much at $9 trillion – with a T!
Update: Linked by The Other McCain who is waiting for Keith Olbermann to declare Jeffrey Immelt the “Worst Person in the World.” (I won’t hold my breath.)