"GLOOMY" -- that was the big headline atop The Drudge Report this afternoon, underneath an even bigger General Electric logo. Drudge links to Bloomberg's Rachel Layne, who writes this afternoon that GE stock declined by 13 percent today, "wiping out $47 billion in market value." Ouch!
GE stock is worth about half of what it was worth six-and-a-half years ago, when Jeff Immelt took over as CEO from the legendary Jack Welch.
There are lots of reasons why GE is in trouble, but The Cable Gamer firmly believes that a big factor is the bad karma that has come to GE through its NBC subsidiary, specifically, NBC's subsidiary, MSNBC. As Cable Gamers all know, MSNBC has become a lefty playpen for the likes of Keith Olbermann, Chris Matthews, Dan Abrams, and David Shuster. These folks seems to think it's their duty and right to bash Republicans and conservatives every night, although Olbermann and Matthews have gone further--they bash Hillary Clinton every night, too.
The Cable Game has been asking, for a long time, why it is that Immelt--who is presumably trying to run a respectable and profitable corporation--is willing to tolerate such obnoxious jerks within his corporate empire. And I guess that the answer is that Immelt cynically thought that Jeff Zucker could deliver big profits. Well, he can't. And more to the point, they have poisoned the company with their lefty venom.
So, Jeff Immelt, now you know that Karma Bites you, too.
