GE Sneaks in "Back Door" to Qualify For Government Bank Program

According to an Article in the Washington Post, General Electric the Government's Main Partner in the Creation of the "Smart Grid", is going to be allowed access to a Government Program for Banks that they originally didn't qualify for.

According to the Article:

"The company did not initially qualify for the program, under which the government sought to unfreeze credit markets by guaranteeing debt sold by banking firms. But regulators soon loosened the eligibility requirements, in part because of behind-the-scenes appeals from GE.

As a result, GE has joined major banks collectively saving billions of dollars by raising money for their operations at lower interest rates. Public records show that GE Capital, the company's massive financing arm, has issued nearly a quarter of the $340 billion in debt backed by the program, which is known as the Temporary Liquidity Guarantee Program, or TLGP. The government's actions have been "powerful and helpful" to the company, GE chief executive Jeffrey Immelt acknowledged in December. "

It appears that GE has taken the Idea of being in the "Pocket" of the Federal Government to new Heights.....

To Read the Article Go To:

http://www.washingtonpost.com/wp-dyn/content/article/2009/06/28/AR2009062802955_pf.html

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