GE BRINGS GOOD LIES TO LIFE

The MSM is declaring that GE profits are up 18%. That is complete and utter bullshit. I’ve never come across a company that purposefully complicates, obscures, and misinforms about their true financial picture more than GE. I ignore the bullshit press release and go right to the numbers. Their press realease is a freaking 18 pages of gobledy gook. There entire purpose is to obscure and confuse. Here is a link to their release:

http://finance.yahoo.com/news/GE-Delivers-031-Operating-EPS-bw-664489554.html?x=0&.v=1

If you dig into the back pages you find little nuggets not revealed at the top of the release:

• GAAP earnings from continuing operations (attributable to GE) were $3.2 billion, up 4%, or $0.22 per share, down 21% from the prior year quarter.
• Third-quarter revenues were $35.4 billion for the quarter were flat compared to revenues of $35.4 billion from the prior year’s quarter. Industrial sales of $23.2 billion decreased 2% compared to 2010. GE Capital Services (GECS) revenues of $12.0 billion were up 1% from the third quarter of 2010.
• Cash generated from GE Industrial operating activities for the first nine months of 2011 totaled $6.5 billion, down 35% from $10.1 billion for the comparable period of 2010.

It seems their actual GAAP earnings, which is what the world uses, were DOWN 21% from the prior year. Of course the MSM is reporting a 18% increase. Nice fraudulent announcement.

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