GE is under SEC investigation. Kick them when they are down.

General Electric is under investigation by the Securities and Exchange Commission.

GE said on Wednesday that regulators are investigating a $6.2 billion insurance loss that the company revealed last week. The disclosure is a new and potentially much more serious problem for a company already reeling from missteps and questionable management decisions.

The SEC is also investigating the company’s accounting, chief financial officer Jamie Miller told analysts during a conference call. Specifically, she said the agency is looking into “revenue recognition and controls” for the company’s long-term service agreements.

“We are cooperating fully with the investigation, which is in very early stages,” Miller said.

GE said it will restate its 2016 and 2017 quarterly numbers to reflect new accounting standards.

YES we are aware of the DAMAGE to General Electric from the “WONDERFULL” world of Financial Services, Mortgages, Insurance, and GE MONEY. But the SEC was “sleeping at the switch” when all this stuff was going on.

General Electric has woken up from the dream of “FINANCIAL SERVICES”

It will all be history, soon?

Until then, I will continue to use my NIGHT TIME picture of Schenectady, New York when 45,000 employees worked there. NONE doing “FINANCIAL SERVICES”

Statue Of Liberty, Ellis Island Reopen Amid Shutdown

I give Governor Cuomo a lot of credit. Not only fo this but 2nd Ave Subway and other NY programs.

KCJones

The Statue of Liberty and Ellis Island is open for visitors Monday, with New York state picking up the tab for the federal workers.

Gov. Andrew Cuomo made the announcement Sunday afternoon. The two sites have been closed due to the federal government shutdown.

Cuomo said the sites are vital to the state’s tourism industry, so the state will spend about $65,000 per day for the federal employees who operate the sites.

“From our point of view, it is a good investment because the revenue we gain from the tourists is multiples of what it will cost to actually pay to open the Statue of Liberty,” he said.

Some owners of tour boat companies told the governor’s office their business had declined about 70 percent since the shutdown began.

Statue Cruises saw steady crowds Monday with many excited touristsgetting ready to pay Lady Liberty a visit.

“We’re so excited,”…

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General Electric falls short in fourth quarter but offers stronger 2018 outlook

General Electric reported fourth-quarter earnings that missed Wall Street estimates.

GE says cash performance in the latest period was better than expected.

The company removed $1.7 billion in structural costs in 2017, and its targeting more than $2 billion in 2018.

General Electric fell short of Wall Street’s expectations as it reported its fourth-quarter earnings Wednesday but offered up a stronger than expected outlook for 2018.

GE swung to a loss from continuing operations of $10.01 billion, or $1.15 per share, in the quarter ended Dec. 31. In the year-ago period, GE had earned $3.48 billion, or 39 cents per share.

Stripping out charges, GE earned 27 cents a share.

Revenue fell 5 percent to $31.40 billion from $33.09 billion a year ago.

GE said its industrial businesses generated adjusted cash flow of $7.76 billion. That figure excludes taxes on deals, the costs of GE’s pension plan and its oil and gas business. It includes a dividend from its ownership of Baker Hughes.

Shares of GE rose nearly 6 percent in premarket trading Wednesday. In recent days, the stock has been under pressure, falling to nearly $16, its lowest in six years.

“Our results this quarter demonstrate some of the early progress we are seeing from our key initiatives,” Flannery said in the company’s press release. “The team is focused on operational execution, capital allocation and deep cost reduction to position us for continued improvement in 2018.”

“2018 is a critical year for us, and we intend to continue demonstrating in the coming quarters that our new approach is working and the organization is changing,” Flannery said on a conference call with investors.

The knife has continued to fall unabated at GE, with 2018 bringing additional nasty updates for investors. The company announced on Jan. 16 it would take a $6.2 billion charge in the fourth quarter after a review of its GE Capital insurance portfolio.

The company’s stock has declined more than 43 percent over the past year as of Monday’s close, making it the worst performing stock among the Dow Jones industrial average.