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Is Dow 9321.10 Good for America?
In the 50s and 60s, GE and GM used to claim What’s good for GM is good for America and Better Living through GE.
That was before lots of toxic waste dumps and funny financials came to light with GS market tricks.
The General Electric Theater Sunday Evening TV host became Governor of California and President of the USA.
No wonder GE, which today owns NBC, CNBC and MSNBC, became the leading stock held by Congress. GE can run lots of ads and editorials for candidates and their opinions.
Today, GE, a $160 B company, agreed to pay a $50 M penalty, just .0003 of sales.
GE bent the accounting rules beyond the breaking point by reporting materially false and misleading results in its financial statements, said Robert Khuzami, Director of the SEC’s Division of Enforcement.
GE neither admits nor denies anything, but still claims to put eco imagination to work.
No kidding, along with a number of politicians in DC.
This news was briefly reported on CNBC and GE stock went up after positive opinion from Goldman Sachs.
GE may not run many apology ads or mea culpas.
Such is moral hazard risk in the markets these days.
Buyer beware.
Today Mrs Dow, including GE, hit a high of 9321.10 and then sold off.
Is this the top? We don’t know, and we don’t care.
Guessing the market and trading in and out against GS supercomputers does not make real lasting money.
