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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Keith Feral who wrote (93449)	4/11/2008 9:19:03 AM
From: Paul Kern	Respond to of 110194

GE CEO: Saw 'Extraordinary Disruption' In 1Q Asset Sales Last update: 4/11/2008 9:13:15 AM By Bob Sechler Of DOW JONES NEWSWIRES General Electric Co. (GE) executives said global commercial financing activity slowed significantly in the first quarter and than suffered a "meltdown" after the near bankruptcy of Bear Stearns Co. (BSC). GE said global financing activity had been averaged about $250 billion a quarter but slowed 60% to about $100 billion in the first quarter. Shares of GE were off 11% in recent premarket activity, to $32.65. The company said it sold 56 properties for about $1.7 billion in the first quarter. Another $900 million in asset sales that it had planned didn't take place. GE Chief Financial Officer Keith Sherin, speaking on a post-earnings conference call, said the "meltdown" after the takeover of Bear Stearns created significant volatility in an already-difficult financing market. Chief Executive Jeff Immelt concurred, saying GE planned for a difficult first quarter in December but saw conditions significantly worsen late in the quarter. Among other things, he noted that the company saw "extraordinary disruption" in the company's planned asset sales. -By Bob Sechler, Dow Jones Newswires; 512-236-9637 (END) Dow Jones Newswires April 11, 2008 09:13 ET (13:13 GMT)