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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (33441)	2/5/2009 1:57:17 AM
From: Spekulatius	Read Replies (1) of 78742

re TXT - the explanation for the credit draw (replacing commercial paper) does not seem plausible. Commercial paper right now is dirt cheap source of capital and supported by the treasury, so why give up this funding. There is something else going on here. maybe consumer finance numbers are so bad that they are not eligible for commercial paper program any more. Maybe GE is next. They are chuck full into commercial real estate, leasing, consumer finance etc. but yet have not had many writeoffs compared to banks. It feels to me like a dead body was hidden in the closet and now the smell comes out. At 11$/share GE is trading at 10x industrial earnings, so GE finance is worth zero, zilch, nada. Something drastically needs to happen here, Mr. Immelt.

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