|
|
Article: Finance arm pushes down General Electric 3Q profit
- Article from:
- AP Online
- Article date:
- October 16, 2009
- Author:
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
General Electric's third-quarter results showed just how fragile the U.S. economy remains, as its troubled financial unit dragged down earnings 44 percent, despite gains in divisions that make wind turbines, household appliances and broadcast television shows.
The report from one of the nation's largest companies illustrates the damage from a severe recession that has only recently begun to lift, leaving consumers and businesses devastated by high rates of defaults in everything from credit cards to mortgages.
CEO Jeffrey Immelt described the current environment as "tough" but said the global economy is slowly recovering.
General Electric Co.'s total quarterly ...