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General Electric Company Message Board

  • unclefulbert unclefulbert Mar 4, 2009 10:47 AM Flag

    Soverign wealth funds raise cash by dumping GE

    According to Gross:

    Pimco's Gross sees bets on downgrade of GE ratings
    Wed Mar 4, 2009 10:42am EST Email | Print | Share| Reprints | Single Page[-] Text [+]
    Market News
    Wall St. pares gains as GE falls
    General Electric falls below $6 on finance arm worry
    U.S. private sector cuts 697,000 jobs in February
    More Business & Investing News... NEW YORK, March 4 (Reuters) - Pacific Investment Management Co.'s co-chief investment officer, Bill Gross, said on Wednesday the steep sell-off in General Electric shares stemmed from traders betting that the company and its finance unit will lose their coveted triple-A debt rating.

    General Electric's stocks (GE.N) and bonds are widely held by sovereign wealth funds, Gross told CNBC television.

    He added the decline in GE shares, which fell more than 10 percent on Wednesday, was partly driven by technical selling by overseas participants. (Reporting by Richard Leong and Jennifer Ablan; Editing by Tom Hals)

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