GE, massive crony capitalist company and Obama partner falls to 9-year low below $12

Better days for the crony company.


The crony sword cuts both ways as Elon Musk and GE now know too well.

Jeffery Immelt, the former corporate confidant to the 44th president drove GE into a ditch. Things haven’t gotten much better since Immelt’s departure. Taxpayer subsidized wind turbines and cozy relations with Obama just ain’t gonna cut it any more.

(From CNBC)

General Electric shares fell below $12 per share for the first time since July 24, 2009, on Wednesday, plowing a new low for the stock this year as investors appear concerned about the embattled industrial company’s turnaround plan.

Shares of GE fell more than 2 percent in trading, slipping as low as $11.94 per share.

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