This guy might be right. This is GE, after all, the company that used funny accounting to pay no taxes even before the recent modifications to the tax code. But it’s appalling that this guy stands to gain from shorting the stock he just torpedoed. This is literally the definition of both “conflict of interest” and “market manipulation.”
Also, as noted upthread, GE makes less and less real product all the time. Of the products it does make, many are probably now sourced from no-name suppliers in Asia. It does, however, own an insurance business that is one of the major sources of its various liabilities.
What worries me is that it’s a blue chip that is in almost every IRA and 401K and pension fund in this country. And now every few minutes some news source is publishing an article about how we should panic on account of this recession that’s about to hit any minute now. GE might survive its current debt load, but not if a recession drops its revenue through the floor.
