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 5/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/top5
| Updates throughout the day on the top stories you should be talking about. ... |
Thursday, May 15, 2008 --- 72 days ago http://www.portfolio.com/news-markets/top-5/2008/05/15/GE-and-AIG-Struggle?rss=t
| It is difficult to summon much sympathy for the C.E.O.'s of the biggest companies in the world: They are, after all, more than richly rewarded to suffer whatever slings and arrows may be fired from shareholders, regulators, customers, and the press. One could feel sorry, however, for the chief executives of General Electric and American International Group . Sure, both are under fire because their companies have stumbled badly. Yet their companies' current woes stem in large part from decisions made by their predecessors—predecessors who won't shut up but seemingly shadow their every move and misstep with public comments. Exorcising the ghosts of the past may be part of the reason why Jeff Immelt of General Electric has decided to put the company's appliance unit on the block. According to several reports, G.E. has hired Goldman Sachs to prepare an auction of the unit, which accounts for about 4 percent of the company's $173 billion in annual revenue. The Wall Street Journal reports that the appliances business could fetch between $5 billion and $8 billion. The buyer is likely to be foreign, and the New York Times says that "Asian manufacturers are expected to be particularly drawn to the division, seeking to take advantage of G.E.'s widely known brand name as they try to become global businesses." Some analysts and investors have advocated that the company shed more units, like NBC Universal, and fo ... |
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