GE in Talks With Suitors to Sell Iconic Appliances Business

[daveamkrayoguy]

"We Done Gave Her Away!!!!"

As H. Ross Perot stated in his 1992 book, NOT FOR SALE AT ANY PRICE: "We play around with money"...

 

Quite an example of that philosophy, and more than 20-years-later since it came out, and when he'd speculated our problems w/ the US vs. Foreign Markets we were selling to, at the time of his (Ahem!) Presidential election campaign...

 

The news was just days ago...  The deal seems to have been made overnight!

 

 

-- Dave

 

[alr2903]

I hope folks in Louisville,  get their financial house in order quickly.  Anything could happen. I remember the families on TV  speaking from Newton Iowa and Herrin Illinois. 

 

[arbilab]

'... whirltag v electrosux...'

Both have been dancing on the border of craphood within recent memory. Within same timespan, GE sells legacy parts for the original purchase price of the whole damn appliance. Like Elliot Gould said to his seer in Ocean's Twelve, "This? You couldn't see This?"

Blahblahblah, 'family livelihoods'. Cheese with that whine? Profits from SALES are so 20th century. GE makes its REAL money financing products starting at $1M, not $0.5K. So they're systematically deleting things that cost less than multiples of $1M. See Elliot Gould above. (And see the movie, it's quite clever.)

If this sounds bitter, it bloody well is. Dell did it to me in 2001. And you're gawdam right I resent the hell out of it. Under conventional planning principles I did everything right. No debts and savings targeted around $1M.

Now I live in a subsidized retirement poorhouse. It's no consolation there are 50 million others, some not fortunate enough to qualify for retirement. They're just hung out to dry, while I can 'afford' shelter/food/utilities. This ain't what I "pledged allegiance" to for 12yrs back in the 50s. If you catch my drift.

(Sorry, that rant leans toward Tub Turns. But I kept the expletives to things you can *sometimes* say on cable.)

 

[washman]

arbilab , somewhere along the line the rules changed

Can't say exactly when but they did change nonetheless.

After all, why build a better mousetrap when you can do a leveraged buyout of the mousetrap company, sell off the bits and pieces and come out smelling like a rose?

So long as the basic business model includes some dribble about maximizing shareholder value (remember the CEO is a shareholder too), we certainly have not seen the last of things like this.

On a side note, anyone following the fast food workers protest and strikes? I find it interesting that some argue these are jobs for teenagers, or transition jobs or whatnot and thus should pay next to nothing. What these apologists for wall street seem to forget is thanks to the hollowing out of our industrial base, the outsourcing of tech and backoffice jobs, for a great many this IS the job to pay the bills. No longer is it something for sue and Tommy to do before they head off to college, for the 40 something displaced worker, that is all he has left.

 

[tolivac]

Fast food workers-If they get the 15 buck an hour pay raise-would you want to pay for the NEW price of a burger ,fries ,and shake to cover the doubled labor costs---probably not.and I can see automation taking over some of those jobs-so--there will only be ONE 15 buck worker and manager at the place while it operates.And I bet some franchise owners will throw in the towel and close their operation.But a good side of it-the workers may no longer need state or Federal job assistance.But at the same time these pay raises could DEVISTATE the food industries.We will have to pay more?How many folks will want that?

 

[mrb627]

And...

Get ready for a lot of high schoolers without jobs followed by an increase in crime/burglary.

Malcolm

 

[pierreandreply4]

i have a feeling that alot of pepole that used to buy ge

Hello to all aw members,

with said deal done i have a feeling alot of ge customers that buys the brand who will went to keep true ge appliance will be searching sites like craiglist kijji and swap shop and shop that sell used refurbish appliace for true ge filter flo dishwasher ect to name a few just to stay with true ge brand or have there actual machines repaired or restored. Pictured are up for a trip down memory lane credit to all aw members to whose pictures i am using