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.
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.