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Behind the Scenes, GE’s Top Executive Confided Credit Woes
By Staff Reporters
As the “ticking” financial crisis worsened toward the end of 2008, CEO Jeffrey Immelt and other leaders at General Electric repeatedly assured the public that there was no need to worry about the company’s ability to access credit markets and refinance its massive debts as they came due.
Time line: http://www.propublica.org/special/paulson-ge-timeline
Assessment – The Ticking Clock
But, in private conversations that alarmed Treasury Secretary Henry Paulson, Immelt laid out a different picture of GE’s credit situation, according to Paulson’s new book about the crisis.
Link: http://www.propublica.org/feature/paulson-general-electric-immelt-financial-crisis-022010
Source: First co-published with The Washington Post and ProPublica [February 5, 2010 9:50 pm EST].
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