Obbligazioni societarie GENERAL ELECTRIC -operativo emissioni (1 Viewer)

Mr.Noob

dove c'è default c'è casa
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Segnalo sul Corriere Economia di oggi un pessimo articolo che purtroppo non riesco a postare (forse stasera).

Il titolo è "General Electric e il rischio Lehman" e la quantità di sciocchezze che vi si leggono è impressionante. :wall: :down:

Un classico esempio del bassissimo livello della stampa italiana, soprattutto quella "specializzata" :rolleyes:
Forse il tizio vuole comprarsi qualche obbligazione Gecap.
Sta di fatto che come ben dici le fonti di informazione economiche (ma non solo) in Italia sono non solo pessime, ma come per la cronaca nera e rosa e politica sempre alla ricerca del disastro e dello scandalo.
E' incredibile come alle volte l'ansa diffonda notizie anche di grossa portata che non trovano ALCUN riscontro e che ovviamente non sono nemmeno citate in trafiletti dai colleghi europei e d'oltre oceano.
Se tutto va bene qualche giornalista tv oggi legge l'articolo e domani le vecchie al telegiornale prenderanno un bel coccolone, a tutto vantaggio dei regazzini famelici.
 

negusneg

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Caro Negus,

molte grazie di avere postato l'articolo del CorrEconomia su Ge.
Certo ciò che vi si legge non è per nulla rassicurante. :rolleyes:
Ti chiedo pertanto di specificare ove, a tuo autorevole giudizio, compaiono le sciocchezze più macroscopiche in merito alla situazione del colosso USA.

Grazie e un affettuoso saluto alle tue graziosissime gattine, da parte mia e dalla mia adorata Tina-gattina
Il titolo, per cominciare, è assolutamente vergognoso. Evocare il rischio Lehman forse attrae l'attenzione del lettore, ma francamente non vedo che cosa c'entri.

"Il CEO Jeffrey Immelt ha puntato sui derivati". Questa mi piacerebbe che la spiegassero meglio: da almeno due anni GE ha come obiettivo dichiarato quello di ridurre il leverage finanziario, che solo un ignorante può confondere con un semplice "puntare" sui derivati.

Come è risaputo il braccio finanziario di GE opera prevalentemente nei finanziamenti strumentali alla vendita dei prodotti di GE, essendo fra l'altro uscito per tempo dai settori più critici, come i mutui residenziali americani, dismessi nella primavera 2007.

L'articolo invece sostiene che GE Capital "si è tuffato nel colorato mondo dei derivati fino a rischiare di affogarci dentro". Sembra che questi si divertissero a speculare sui CDS, mentre invece hanno sempre fatto ben altro.

Il principale problema di GE è che, al pari di moltissime società industriali, dopo il fallimento di Lehman si è trovata nell'impossibilità di finanziarsi a breve, dato che il mercato dei commercial papers è evaporato dalla mattina alla sera. Ma questo coi derivati non c'entra niente.

Altra chicca: "alla fine della prima settimana di marzo veniva considerato da molti analisti a rischio bancarotta". Certo, se uno cerca su Google "General Electric + default" sono convinto anche io che trova centinaia di articoli.

La rete non è mai stata così piena di feccia come in questo periodo, fra guru, avventisti e anticapitalisti di estrema destra o di estrema sinistra è tutto un rincorrersi dove vince chi la spara più grossa o la spara più in alto (Who's next? è il gioco preferito).

"Molti analisti" (senza peraltro fare i nomi) non vuol dire niente, se non prestarsi a questo squallido gioco, alla ricerca di un po' di "cheap" audience. Di analisti ce ne sono fin troppi, come di giornalisti :rolleyes:, sarebbe meglio cominciare a distinguere quelli seri dai cialtroni, e soprattutto avere il coraggio di citare le fonti, quando se ne parla.

Poche righe sotto viene scritto che "GE gode ancora della tripla A, il voto dell'eccellenza". L'articolo è stato pubblicato il 16, il 12 S&P's ha comunicato il downgrade ad AA+, i casi sono due: o al Corriere sono un bel po' ismiti, o scrivono gli articoli una settimana prima. Il pesce, in entrambi i casi, non è nè buono nè fresco.

Mi fermo per carità di patria. Se invece che un articolo di giornale fosse un intervento postato qui sul forum penso che una bonaria cazziata sarebbe stata sufficiente. Trattandosi invece dell'opera di un "professionista" dell'informazione finanziaria (retribuito, quindi) credo che una stroncatura senza appello sia più appropriata.
 

france66

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No results mean no bonus for General Electric's Jeff Immelt.
Thanks to falling earnings and a 56.3% stock price plunge over the calendar year 2008, General Electric (nyse: GE - news - people ) Chief Executive Jeff Immelt will not receive his $11.7 million long-term performance award. Immelt did receive his salary of $3.3 million, which was unchanged from 2007, but no bonus. In 2007, Immelt enjoyed a $5.8 million bonus. All told, the actions amount to a 64.0% reduction in Immelt's cash compensation compared with a year earlier.
http://www.forbes.com/2009/02/19/jeff-immelt-ge-face-markets-0218_bonus_37_print.html
http://buzz.yahoo.com/article/forbes/http%253A%252F%252Fwww.forbes.com%252F2009%252F02%252F19%252Fjeff-immelt-ge-face-markets-0218_bonus_37.html%253Fpartner%253Dyahoobuzz
Immelt said the conglomerate's board of directors made the decision at his own urging because of the company's sagging performance. For all the "good governance" overtures, the move is also good public relations since the deepening recession has led to public and political pressure for pay restraint. (See "Obama Peeved About Executive Pay.")
Former Merrill Lynch Chief Executive John Thain learned that the hard way, sparking a public outcry and outright embarrassment after reports surfaced that Merrill paid $3.0 billion to $4.0 billion in bonuses to its employees despite posting millions in fourth-quarter losses. Thain himself was vilified for having spent $1.2 million to renovate his suite of offices, which included a $35,000 commode and an $87,000 area rug.
It was also good PR for GE to not take any money from the Troubled Asset Relief Program. It is not as if it had little use for the money. Rather than take a government handout at far easier terms, though, it accepted a $3.0 billion infusion from U.S. billionaire Warren Buffett, despite a stiff yield of 10.0%.
It also serves to bolster the company's moral standing with its investors. Earlier this month, Immelt announced the authorization of its regular quarterly dividend of 31 cents a share but said the board would "continue to evaluate the company's dividend level for the second half of 2009 in light of the growing uncertainty in the economy." (See "General Electric Dims Its Dividend Outlook.") The announcement clashed with comments made by Immelt just two weeks prior, when he expressed the company's commitment to paying its annual dividend of $1.24 a share at least for this year. (See "GE Vows Blue Chip Won't Turn



Se ho capito bene niente ricavi niente bonus. La cosa se è vera un buon indizio

Per que poco che ho tradotto
 

Maino

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La Grassa Emilia
purtroppo i giornali si sono adeguati all'andazzo generale ...

oramai si parla di politica, economia, finanza, come se si parlasse di calcio o del grande fratello

l'importante è fare presa con un bel titolone : l'importante è stupire, poi il resto non conta

e purtropop questo stile nonn è rimasto confinato ai giornali, anzi ... anche la politica in italia è stata contagiata dall'effetto annuncio

l'importante è sparare in grande, poi anche se non si fa un tubo, non importa, l'effetto lo si è già avuto ...
 

negusneg

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Domani giornata molto importante, GE terrà una conference call con gli analisti per illustrare più in dettaglio la situazione di GE Capital.

A giudicare da questo articolo, e dalle osservazioni degli analisti, dovranno rispondere a parecchie domande...

GE Capital Loss Lurking in Moscow Loans, U.S. Cards (Update2)

By Bob Ivry and Jody Shenn



March 18 (Bloomberg) -- General Electric Co.’s future may depend on folks like Yelena Zoshchenko.
GE Capital, the financial services unit of the world’s biggest maker of jet engines and power turbines, gave the Moscow real estate agent a loan for a car at an interest rate of 15 percent in June 2007. Then the Russian currency collapsed.
“The banks here used to literally grab you by your lapels and ask you to borrow,” said Zoshchenko, 58. “But not since the crisis started.”
Sixteen months into a global recession triggered by a jump in defaults by U.S. home-loan borrowers, some investors doubt GE has a handle on GE Capital’s far-flung operations. Those include the world’s largest store-name credit card business and lending in Russia, where late mortgage payments to the company rose 28 percent in the fourth quarter. GE’s stock slumped 61 percent since Sept. 15.
GE Capital, the world’s largest non-bank finance company with consolidated assets of $637 billion, accounted for $8.6 billion, or 48 percent, of the Fairfield, Connecticut-based parent’s $18.1 billion profit from continuing operations last year. Chief Executive Officer Jeffrey Immelt has said he wants the division to contribute about 30 percent of annual profit.
Keith Sherin, GE’s chief financial officer, predicted in December that GE Capital would earn $5 billion this year, even after absorbing $10 billion of consumer-related losses, a view not shared by credit rating companies and analysts.

‘Too Optimistic’

“We’re not expecting any real earnings or cash flow from GE Capital this year or next year,” Robert Schulz, an analyst at Standard & Poor’s Rating Service, told Bloomberg Television on March 11. That day, S&P cut the parent company’s credit rating for the first time since 1956. The downgrade was one level, to AA+ from AAA.
Management’s outlook “remains substantially too optimistic,” Citigroup Global Markets equity analyst Jeffrey Sprague wrote in a March 10 note to clients. He estimated 2009 GE Capital earnings of $3 billion.
GE Capital’s Achilles heel may be GE Money, its consumer- lending unit, which generated more than one-third of the division’s $25 billion of revenue and more than 40 percent of its earnings last year.

‘Hot Spots’

The consumer-finance business includes what Sherin told an investor conference in Miami on Feb. 10 were GE Capital’s two “hot spots” -- store-name credit cards and global mortgages. GE Capital also owns real estate and finances the purchase of machinery and aircraft.
GE Money had $60 billion of home loans in 50 countries as of February, after exiting the U.S. mortgage market in 2007. GE Money also owns or manages about $32 billion of U.S. private- label credit card debt in about 49 million accounts, according to data compiled by Bloomberg from company reports.
Mortgage losses may total as much as $5.96 billion through 2012, Sprague said last week in his note to clients. Losses in the company’s U.S. consumer credit business may reach $9.77 billion in the same period, he wrote.
“The bulk of GE’s assets are non-trading and therefore not subject to mark-to-market accounting requirements,” Nigel Coe, a New York-based Deutsche Bank Securities Inc. equity analyst, wrote in a Feb. 22 report. “GE management has the luxury of riding out the raging credit storm without liquidating assets for valuations below perceived intrinsic valuations.”

‘Deep Dive’

In part to quell such speculation, GE will hold a five-hour “deep dive” meeting in New York tomorrow to discuss the finance unit. A similar meeting was held on Dec. 2, though analysts and investors have made it clear they want more, Sherin said earlier this month.
In that meeting, the company “glossed over” its $190 billion portfolio of corporate loans and leases, Richard Hofmann, a London-based CreditSights Inc. analyst, wrote in a March 16 report.
“Investors are expecting they provide as much information and transparency as you’d get from a bank holding company, and that has not been the case to date,” Steven Winoker, a senior analyst at Sanford C. Bernstein & Co. in New York, told Bloomberg Television on March 13. “GE has been getting hammered by people who don’t know what the downside is.”
Sherin said last year that GE would use a Federal Deposit Insurance Corp. guarantee program when issuing debt to put the company on an “even playing field” with banks, which are also using it. GE has issued $41 billion in longer-term debt this year, all but about $4 billion of it guaranteed by the FDIC. The company can issue more than $50 billion more this year with government backing, which allows GE to pay less in interest.
GE rose 51 cents to $10.51 at 3:06 p.m. in New York Stock Exchange composite trading.

AA+ Rating

Immelt, 53, and Sherin, 50, have both said GE may use the Term Asset-Backed Securities Loan Facility, or TALF, which would offer loans to buyers of securities backed by credit card debt, reducing the cost for issuers such as GE Capital.
As a stand-alone company, GE Capital would have an A rating, five rungs lower than the parent company’s AA+, S&P said. That means GE Capital’s cost of borrowing would be higher because the unit would be perceived as having a tougher time making payments. GE said in a March 11 statement that GE Capital is among the only financial services companies in the world with an AA+ rating.

Washing Machines

“Right now, the finance side is dragging down the overall business, but it’s being supported by the industrial piece,” said Gary Cloud, who helps oversee $500 million of debt, including GE Capital notes, at AFBA Funds in Kansas City, Missouri. “It has been the other way around in years past, though not as lopsided as it is today.”
GE got into the credit business in 1932, financing the purchase of its own products such as washing machines. It started issuing credit cards in the 1980s, and as retail chains exited lending, GE Money picked up the business.
GE Money is currently the largest issuer of store credit cards and the second biggest of gasoline credit cards, according to data compiled by trade publication Nilson Report in Carpinteria, California. Clients include Wal-Mart Stores Inc., Chevron Corp., Lowe’s Cos., Gap Inc. and Dillard’s Inc.
GE abandoned an effort to sell the credit card business in September after the company failed to find a buyer willing to pay the price it wanted. The unit had about $11.6 billion of credit card receivable assets and $3.2 billion in credit card securities as of Dec. 31, GE spokesman Russell Wilkerson said.

Jobless Rate

Credit card losses are “probably more than any other products tied to the economy and unemployment rate,” said Timothy Kolk, a managing partner at Brookwood Capital Partners LP, a consulting firm in Peterborough, New Hampshire, that helps financial institutions analyze card portfolios. More than 23,000 Americans lost their jobs each day during February, the highest rate in more than 26 years, the Labor Department reported.
About 7.1 percent of GE’s U.S. consumer loans were at least 30 days late as of Dec. 31, up from 5.5 percent a year earlier, the company reported. That compares with about 5.6 percent of U.S. banks’ credit-card loans that were at least 30 days past due at year-end, up from 4.5 percent a year earlier, data compiled by the FDIC show.
GE said it’s ahead of competitors in preparing for an increase in defaults. Its so-called reserve coverage, or the amount set aside for bad debt, equaled 6.2 percent of card balances, compared with 5.5 percent at Discover Financial Services and 5.8 percent at Bank of America Corp., Sherin told investors at the Feb. 10 conference in Miami. In addition, retailers have agreed to cover some of the losses, GE said.

‘Baseball Bat’

Kolk said the type of loss-sharing that GE and other card issuers arrange with retailers is usually “modest,” so any protection may be “kind of like getting hit with a baseball bat but a little more gently.”
As consumers run short of cash, GE’s retailer cards may fare worse than bank cards because consumers may default on cards that are good only at one chain before giving up “general purpose plastic,” CreditSights’s Hofmann wrote in a March 3 report.
GE expanded its mortgage business into Asia and Eastern Europe two years ago to keep profits increasing by double-digit percentages, according to a March 2007 interview with then-GE Money CEO David Nissen. GE replaced Nissen in February 2008.

Portfolio Pressure

Of GE Money’s $60 billion of global mortgages in February, 5.6 percent are at least 90 days past due, according to Sherin. That compares with 5.7 percent of $197 billion in mortgages held by Citigroup Inc. Citigroup’s Sprague estimated that 10.7 percent of GE Money borrowers were 30 days to 90 days late in the fourth quarter, compared with an average of 3 percent for U.S. banks.
“Although these metrics may not be exactly apples to apples, it does highlight the relative pressure on GE Capital’s loan portfolio,” Sprague wrote in his March 10 note.
GE got out of the U.S. mortgage business in 2007, when it sold its subprime lender, Woodland Hills, California-based WMC Mortgage Corp. GE set aside about $240 million to cover demands that it repurchase WMC’s bad loans because they failed to meet contractual promises. The funds may not be enough, according to the company’s latest annual report.
In the U.K., which accounts for about 33 percent of the company’s mortgages, GE Money Home Lending Ltd. was the 14th- largest home lender with 13.8 billion pounds ($19.4 billion) of mortgages outstanding at the end of 2007, according to the latest data available from the London-based Council of Mortgage Lenders. The business there is “more of a subprime book,” Sherin said at the Feb. 10 investor conference in Miami.

Falling Home Prices

In September, it became the first home-loan company to be fined by the U.K.’s Financial Services Authority for a lending- related offense. The FSA cited GE Money for overcharging 684 mostly subprime borrowers on so-called retention fees, which GE Money kept as repairs were completed on houses, and underpaying home-owners when the retention periods ended. GE was fined 1.12 million pounds.
“This was an issue we proactively reported to the FSA ourselves,” GE Money’s U.K. spokesman, Mark Maguire, said in an e-mail. “We took the matter extremely seriously and have thoroughly reviewed our systems and processes to ensure this could not happen again.”
GE tightened mortgage underwriting in Britain last year and wrote 54 percent fewer home loans as property prices dropped, the company said in its annual report. The company also said it has insured 73 percent of its U.K. mortgages that cover more than 80 percent of a home’s value against default.

Russia, Latvia

Home prices in the U.K. fell 17.7 percent in February from a year earlier, data compiled by Lloyds Banking Group Plc’s Halifax unit show.
With lending in Russia, Latvia, Hungary, Romania, Poland, the Czech Republic and Slovakia, GE Capital has more than $26 billion in assets in Eastern and Central Europe, less than 5 percent of the unit’s total, according to Wilkerson, the GE spokesman.
In Russia, GE Money Bank quit mortgage lending last year, citing the worldwide financial crisis, according to the company’s Web site. It still offers short-term cash loans, charging as much as 59.9 percent for loans no larger than 500,000 rubles ($14,300). Delinquencies on the company’s loans in Russia rose 28 percent in the fourth quarter.
“The first quarter of this year is looking even worse,” said Leonid Slipchenko, a banking analyst at UralSib Financial Corp. in Moscow. The share of bad loans for banks specializing in consumer lending, including GE, may increase to as much as 25 percent by year’s end, he said.

Delinquencies

The company’s mortgage assets in Russia total $176 million, according to Robert Rendine, vice president of global corporate affairs for GE Capital Global Banking in London. None of the borrowers was more than 90 days behind on payments in the last quarter of 2008, he said.
GE Money Bank has about a 1.3 percent share of Latvia’s market, where the economy is expected by the central bank to contract 12 percent. GE Money’s lending in the country rose more than 16 percent in the fourth quarter, the Association of Latvian Banks reported. During that time, home prices fell 33.5 percent, the biggest decline in the world, from the same period in 2007, according to data compiled by Knight Frank LLP in London.
The Russia and Latvia businesses consist of about $1.4 billion combined, less than 1 percent of GE Capital’s assets, Rendine said.

Paying in Zlotys

GE Money’s Eastern and Central European banks will post a profit of $400 million in 2009, Sherin told CNBC on March 5. He said that even under a “stress case” scenario, the banks would show a profit of $200 million. That compares with $500 million in 2008, he said.
In Poland, about 70 percent of mortgages are in Swiss francs, according to data from the country’s financial market regulator. That’s because interest rates for Polish borrowers were lower in Swiss francs, said Stephen Wood, who helps manage $150 billion as senior portfolio strategist for Russell Investments in New York.
The Polish zloty has declined 32 percent against the Swiss franc since July.
“Eastern Europe is Europe’s version of subprime,” Wood said. “Not only do you get credit deterioration from the economic downturn, you layer on top of it a currency conversion crunch as well.”
For now, Yelena Zoshchenko says she can continue making payments on her car loan. She can’t say the same for her fellow GE Money Bank branch borrowers in Moscow.
“There are fewer people at the bank when I make my payment now compared with when I got the loan,” she said.
 

negusneg

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Oggi è il GE Cap day :up:

Speriamo bene... :rolleyes:

GE's credibility gap with investors

Straight talk on the company's struggling financial arm - that's what analysts will be looking for later this week.

By Katie Benner, writer-reporter
Last Updated: March 18, 2009: 6:07 PM ET

NEW YORK (Fortune) -- General Electric stock has fallen 72% over the past year amid concerns about rising losses at its finance arm, GE Capital. In an attempt to reassure investors, the company will deliver a detailed, five-hour presentation on GE Capital to investors in New York this Thursday.
In an interview on CNBC that aired March 5, GE's chief financial officer Keith Sherin acknowledged that GE has a credibility problem with investors. "We've got to earn that trust back." he said.
"We recognize that we've made statements about both not raising equity and about not cutting the dividend and we've had to backtrack on those," Sherin said. He blamed these reversals on the uncertain economy.
He said that the best way to regain trust is to be as transparent as possible, and that Thursday's presentation about GE Capital should help provide that clarity.
"This meeting is clearly an attempt to lessen investor worries about rising credit losses, asset write-downs and dilutive equity raises," wrote Sanford Bernstein analyst Steve Winoker in a research note. "GE Capital has always been a 'black box' in terms of disclosure relative to its banking peers. CFO Keith Sherin has promised more detailed disclosure of GE Capital's assets and loss estimates at this meeting, and we applaud the move, but our opinion is that GE must disclose nearly everything investors demand or else risk exacerbating investor doubts about credibility and transparency."
The big questions
Some analysts believe credit losses at GE Capital will be greater than the company says it expects, specifically in commercial real estate, U.S. credit cards, and U.K. residential real estate. In his CNBC interview, Sherin said that these segments would all be discussed during the presentation.
Analysts also have questions about GE Capital's earnings. Citigroup analyst Jeffrey Sprague believes that it is unlikely that GE Capital (referred to in his note as GECC) will meet the company's previous guidance. He writes: "S&P noted that management's GECC earnings guidance of $5 billion is unlikely and even has the potential to be negative in '09. We are currently modeling GECC net income at [about] $3 billion."
Deutsche Bank sees GE Capital earning $2.9 billion for 2009. Citi's Sprague adds that large tax credits could offset losses at GE Capital, but that "the reliance on big tax credits underscores the erosion of GECC's earnings power. That said, it is clear management's outlook remains substantially too optimistic."
Sanford Bernstein's Winoker says he wants more clarity around GE exposure to what he calls "at-risk geographies," including Eastern European banking and real estate exposure in Florida, California, and Nevada.
He also wants to know whether the industrial side has the capacity to inject more money into GE Capital and, if so, how much more. He also wants to know under what circumstances the company would raise common equity or consider using TARP, or even spin off GE Capital.
The company has on several occasions said that it has no plans to separate GE Capital from GE. In his CNBC interview, Sherin said that an "incredibly disastrous economic situation" would have to unfold before GE would use TARP funding, and it would only do so if all other backup plans would not work.
Sherin also said that the speculation about GE Capital is overdone, that the company is in an "incredibly strong liquidity position" that includes $45 billion in cash, and that GE Capital will be profitable in the first quarter.

Much is riding on Sherin's ability to back up these statements. As Winoker said in his note, "After numerous quarters and years of disappointments, with GE, investors have adopted a 'show me' attitude to the company and are now punishing the stock with the same pressures faced by financial institutions over the last year." First Published: March 18, 2009: 6:03 AM ET
 

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