No matter how Jeffrey Immelt spins this $15 billion worth of capital raising, it clearly smacks of a desperation move after Wall Street was losing confidence in the coglomerate’s ability to perform. General Electric, of course, is the parent company of NBC Universal. The breaking news is that GE plans to sell $3 billion of “perpetual preferred” stock to Warren Buffett’s Berkshire Hathaway, and plans to sell at least $12 billion of stock to the public. It’s a similar deal to what Buffett did last week with Goldman Sachs, which not coincidentally arranged for this GE deal, too. GE’s share price has not only been dropping in recent weeks but was sharply down 7% at one point today.
Here’s how the stock has done over the past 6 months:

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