Last night we told you the widely held dow component was close to a deal to sell its real estate portfolio. What we didnt know is that that was just the beginning. The company is planning to essentially shed its entire finance unit. The first move is a 26. 5 billion sale of most of its real estate and mortgage portfolio to blackstone and wells fargo. But ge is not stopping there. The company will dramatically slim down ge capital over the next few years and buy back 50 billion worth of stock. That buyback ties apple for the biggest single buyback ever. Wall street loved the moves and sent shares higher by about 11 on the day. Mary thompson has our look at the deal and the new ge. Reporter in its most aggressive move in 14 years of ceo, jeff plans to slash the ge finance unit. Once a strength for ge seen as a drag now. We felt from an investors standpoint this was the right time. Reporter right time because low rates mean yield hungry buyers pay for these assets and selling them mean ge
Last night we told you the widely held dow component was close to a deal to sell its real estate portfolio. What we didnt know is that that was just the beginning. The company is planning to essentially shed its entire finance unit. The first move is a 26. 5 billion sale of most of its real estate and mortgage portfolio to blackstone and wells fargo. But ge is not stopping there. The company will dramatically slim down ge capital over the next few years and buy back 50 billion worth of stock. That buyback ties apple for the biggest single buyback ever. Wall street loved the moves and sent shares higher by about 11 on the day. Mary thompson has our look at the deal and the new ge. Reporter in its most aggressive move in 14 years of ceo, jeff plans to slash the ge finance unit. Once a strength for ge seen as a drag now. We felt from an investors standpoint this was the right time. Reporter right time because low rates mean yield hungry buyers pay for these assets and selling them mean ge
Boo incredibly easy. And when the gloom lifts. The house of pain. It almost feels like a reprieve from some sort of stock market death sentence. As it did today with the dow climbing 83 points. The nasdaq declined. 77 . Largely because of apple, more on that later. Now, i am not dismissive of the negativity that i see pretty much everywhere. Weve got a couple of real solid reasons to feel totally down beat. First, i cant believe were still focusing on this thing. For five years weve had to keep one eye on wall street, one eye on wall street. I remember who tenyear stretches i didnt care what was happening down there. At the moment, we can barely focus on anything but washington. The whole u. S. Economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship thats been measured to being the worst since 1860, the origins of the civil war. Lets hope it doesnt take out that particular benchmark. Were witnessing the titanic struggle between those who
Boo incredibly easy. And when the gloom lifts. The house of pain. It almost feels like a reprieve from some sort of stock market death sentence, as it did today with the dow climbing 83 points. The nasdaq declined. 77 largely because of apple, more on that later. Now, i am not dismissive of the negativity that i see pretty much everywhere. Weve got a couple of real solid reasons to feel totally downbeat. First, i cant believe were still focusing on this washington thing. For five years weve had to keep one eye on washington, one eye on wall street. I remember whole tenyear stretches i didnt care what was happening down there. At the moment, we can barely focus on anything but washington. The whole u. S. Economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship thats been empirically measured to being the worst since 1860, the origins of the civil war. Lets hope it doesnt take out that particular benchmark. Were witnessing a titanic struggle
Points. The nasdaq declined. 77 largely because of apple, more on that later. Now, i am not dismissive of the negativity that see pretty much everywhere. Weve got a couple of real solid reasons to feel totally downbeat. First, i cant believe were still focusing on this washington thing. For five years weve had to keep one eye on washington, one eye on wall street. I remember whole tenyear stretches i didnt care what was happening down there. At the moment, we can barely focus on anything but washington. The whole u. S. Economy, your entire portfolio is hostage to two warring parties, demonstrating a level of partisanship thats been empirically measured to being the worst since 1860, the origins of the civil war. Lets hope it doesnt take out that particular benchmark. Were witnessing a titanic struggle between those who are willing to rise above politics, and compromise to cut spending and increase taxes. Yes, thats the actual compromise radical middle position as dave cote from honeywe