Fox News will have a difficult time ignoring millions of Ron Paul supporters who will cry foul if the Bilderberg insider Perry or the Democratin Republican clothing Romney are selected over Paul to run against Obama or maybe even Hillary Clinton.
Tell me again what a triple-A rating is good for? Not a whole lot, if one of the iconic triple-As in American industry, General Electric, has to go hat in hand to the federal government for a $182.5 billion bailout.
Or maybe G.E. isn’t the bulletproof financial juggernaut the rating agencies say. The company’s vaunted GE Capital unit has supposedly been a money machine for years, having generated solid returns come rain or shine. By now, the unit generates upwards of 40% of G.E. overall profits.
Except there’s one problem: G.E.’s financial services business may be the blackest box on Wall Street. The unit has little transparency, no regulatory oversight, and now, we are finding out, an unstable funding model.
In particular, G.E. has chosen to fund its finance business with short-term commercial paper rather than secure more stable long-term funding based on its triple-A rating–which, it appears, turns out to be fiction.