Below is a link to a site clamoring for a halt to over-the-counter credit default swap abuse. In particular, the writer cited General Electric (NYSE: GE) given the horrible beating the AAA-rated company has been getting the past couple of days. Just a week or so ago, it was already a $10 stock. Jeffrey Immelt, CEO, recently felt tremendous pressure to cut its dividend payout for fear that the company loses its credit rating. Last week, the firm finally decided to give in. Dividend was cut from $0.31 a share to a dime. In today’s market, it closed at 6.69.
Now to the site.