Underreported: GE Benefits from Bank Bailout
Thursday, July 02, 2009
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Underreported
Major news events throughout the world continue to be largely ignored until they reach tragic proportions. Underreported, a weekly feature on The Leonard Lopate Show, tackles these issues and gives an in-depth look into stories that are often relegated to the back pages.
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On this week’s Underreported, find out how GE, the world’s largest industrial company, has used a loophole to benefit from a government rescue program that's aimed at helping banks. ProPublica senior reporter Jeff Gerth explains how the loophole has helped GE get the money while avoiding many of the program’s restrictions.
Read the Washington Post article co-written by Jeff Gerth here.
Guests:
Jeff Gerth
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Comments [3]
The reporter from ProPublica failed to explain what was so egregious about GE's behavior. They didn't even borrow any money from the government under this plan. Why am I supposed to get upset here? Am I supposed to draw some conclusions about GE that weren't explicitly stated? I guess I need to read the Washington Post article to figure out what the fuss is about.
Should it be stopped? Is this extra money being used for good (meaning to help the american people and create new jobs and not to line the pockets of those who really don't need the extra dough)?
Is this a lobbying issue? How is it that GE (and probably a few others) could find such a loop hole, and why isn't it being stopped?
Who's more powerful, GE or Obama?
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