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They were the loudest Hillary bashers.
Originally posted by robwerden
This makes me sick. GE Capitol should not be getting money if they were not in the mortgage melt down.
Every company that has a finance division does not automatically become eligible for the bailout money.
General Electric Co.'s subprime mortgage unit is responsible for some of the worst-performing loans in the benchmark index for the $575 billion market for home equity asset-backed securities, showing few lenders are immune to recent U.S. housing sector problems.
Losses on more than $2.6 billion in loans issued by WMC Mortgage, a Burbank, California-based unit of GE Money Bank, are expected to top 15 percent, the highest projected rate of any bond in the widely watched ABX derivative index of bonds issued in early 2006, a UBS Securities model showed.
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WMC on Friday said it would lay off 460 employees, or about 20 percent of its staff, as the subprime market contracts.
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WMC closed two branches, said Mitch Freifeld, whose Clearwater, Florida-based Branch Management Solutions broker-service company has a relationship with WMC.
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GE, the second-largest company in the world by market capitalization, purchased WMC Finance Co. in 2004, when it was the sixth-biggest subprime lender.
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WMC issued $21.6 billion in loans last year, making it the ninth-biggest issuer, according to trade publication Inside B&C Lending. In 2003, WMC reportedly originated $8.2 billion.
The Pew study singled out MSNBC for its significantly less negative coverage of Obama. Negative stories about the Dem candidate in the media overall totaled 29%, but only 14% of the cabler’s stories on Obama were negative. About 73% of MSNBC stories on McCain were negative, compared with 57% in the broader media landscape. Fox News ran more negative stories on Obama than did the rest of the media — 40% vs. 29%. Fox News trailed other media in positive reports on Obama — 25% vs. 36%. Positive stories about McCain accounted for 22% of Fox News reports but only 14% in the rest of the media, while 40% of Fox News stories on McCain were negative vs. 57% in the rest of the media.
Yet even on Fox News, the study noted, McCain’s "negative stories outweighed positive ones by almost two to one." Also, the proportion of negative stories about Obama and McCain were identical at 40% of all Fox News stories about each candidate. And while Fox trailed other media in positive stories about Obama, the cabler reported more positive stories on Obama than on McCain — 25% vs. 22%.