MSNBC Rewarded For Obama Support With GE Bailout Money

If this is true then America has truly hit rock bottom in terms of our Media. Again Congress has setup nothing in terms of oversight and money is flowing freely. Congress has failed America again. The liberals in Congress have given your money to those that caused this financial collapse and in return you are getting nothing. The first half of the money has already been handed out and there is no return on it, lending freezes are still in place and the people are suffering for it.

More Change You Can Believe In!

Is MSNBC being rewarded for having backed Obama?  That’s what Jim Pinkerton suggests.  On this evening’s Fox News Watch, the columnist and New America Foundation fellow cited the news that GE Capital, a subsidiary of MSNBC’s parent company GE, has received a $139 billion government loan guarantee.

Host Jon Scott opened this evening’s show opened with a clip of Chris Matthews [in a story that NB was first to report], saying that he saw as his “job” making the Obama presidency a success.  Pinkerton unloaded.

JIM PINKERTON: Well, Matthews is entitled to his opinion, although if he wants to run for the Senate in Pennsylvania in 2010 as has been widely reportedhe should resign and not have a platform on the air. 

But I think that the overall culture of MSNBC was established when they changed their slogan, post-election, to “The Power of Change” [another story NB was first to report].  Now, that sounds a little bit familiar to the Obama campaign “Change We Can Believe In.”  Maybe that’s not an accident. 

But of course, I think the big story here, I think it goes right to what MSNBC’s up to as a strategy, is the news that the FDIC, which is now following election returns, is guaranteeing $139 billion of General Electric Capital debt. That’s General Electric Capital, as in General Electric, which is the parent company of MSNBC, CNBC, NBC. Now, for a $139 billion guarantee, I’d consider, I’d probably go more, I’d probably go all the way over to the Olbermann/Maddow territory. $139 billion.

The panel got off a good chuckle. But if Pinkerton is right, and news networks are being rewarded for favorable coverage of the incoming administration, we’ve entered a very bad new era indeed.

Note: Some might ask why the FDIC, still a part of the Bush administration, would reward an Obama-backing network.  But Pinkerton suggested that the FDIC has its eyes on the prospects of who will next be in power.

Note Deux: Interviewed by this NewsBuster after the show aired, Pinkerton observed:

I think that MSNBC made a fundamental strategic decision to go left, to let Keith Olbermann re-brand the network.   And it worked, big time. 

The Wall Street meltdown could not have been foreseen.   

But sometimes, one just gets lucky.  MSNBC and its sister, GE Capital, and its parent, GE, must be thanking their lucky stars, thinking that “Olbermann-ization” worked out a lot better than they could have managed. 

Although I am sure that they also think that they have earned it!

The NYTimes explains the GE scam

General Electric said Wednesday that the federal government had agreed to insure as much as $139 billion in debt for its lending subsidiary, GE Capital. This is the second time in a month that G.E. has turned to a federal program aimed at helping companies during the global credit crisis.

GE Capital is not a bank, but granting it access to a new program from the Federal Deposit Insurance Corporation may reassure investors and help the lender compete with banks that already have government-protected debt, a G.E. spokesman, Russell Wilkerson, told Bloomberg News.

“Inclusion in this program will allow us to source our debt competitively with other participating financial institutions,” Mr. Wilkerson said.

The F.D.I.C. program covers about $139 billion of G.E.’s debt, or 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing by June 30.

G.E. sent investors an e-mail letter about the program on Wednesday and posted the letter on its Web site. “Our participation is a positive development for our investors,” it said.

G.E.’s finance businesses are able to seek F.D.I.C. debt coverage because its GE Capital subsidiary also owns a federal savings bank and an industrial loan company, both of which already qualify.

Last month, G.E. started using a new Federal Reserve program aimed at reviving demand for the commercial paper for a wide variety of companies.

Go to Article from Bloomberg News »
Go to Letter from General Electric (PDF) »

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37 Responses

  1. GE is controlled (Immelt et al) by republican conservatives. It allows the liberal comments on MSNBC due to the ratings. If Olbermann generated poor ratings he’d be out asap.

  2. GE does not maintain direct control over MSNBC. There are also Liberal Democrats running GE along side of Republican Conservatives.
    As for Olbermann, he was kicked off of the election coverage because of his media BIAS you dumbass. As was Matthews..

    That did not stop the media bias on MSNBCspart, it just shifted it so it was not as obvious and it looked like they took action.

    http://us-elections.suite101.com/article.cfm/obama_and_msnbc_media_bias

    http://www.newsbusters.org/blogs/mark-finkelstein/2008/11/04/msnbc-election-coverage-promo-experience-power-change

  3. You really have no idea what you are talking about.
    There is a big difference between the 700B of bailout money (outgoing cash to financial institutions with limited terms and oversight) and federal guaranties. They are completely different instruments.

    The debt guaranties are going to COST GE over $1B for short term debt insurance so that Investors feels more secure about GE offering commercial paper. This kind of use is exactly what the government bailout SHOULD want. The comapny is just buying insurance to secure liquidity for the debt purchasers. This creates operating capital that GE uses to finance engines, aircraft, medical systems, power equipment, solar panels, windmills, etc.

    Who cares about who won the election in this case. This wasn’t a media-bias decision. Any government worth a damn — any administration — would grant a guaranty (insurance, not cash out the door) to a AAA-rated company for $1B in return.

    With your level of understanding, stick to conspiracy issues like why there has been an increease in rodent killing in the Congo. You are wasting Internet space.

  4. JE
    Actually it is part of the bailout package and was not part of what was agreed upon. GE Capital is not a bank, just like Amex was not. The access to the bailout agreement is complete violation of what was voted on.

    The fact that there is the impression of impropriety in this and that MSNBC did play politics is of importance.

    If GE was rewarded based on MSNBCs media bias that needs to be made public and investigated.

    There should be no bailout like this has been run. My point in this post is there is no regulation in place and the bailout package is running amok.

  5. Wow! Sounds great to me! Not only does GE, and its affiliates MSNBC, NBC,etc. try to scam us with Global Warming. Just to make money off the American public! But also, “WE” are suppose to bail them out? Does anyone feel stupid here? Cause I really am wondering! Also, liberals run GE and its affiliates, if you couldn’t see the bias there this past election, you might just be stupid!

  6. MORE PROOF OF THE BREATH AND DEPTH OF THE IRRUPTION AND LOOTING IN AMERICA and as George Carlin so eloquently puts it “It Aint Gonna CHANGE get used to it”

    Thousands of United Airlines long term Retirees LOST had Stolen from them their FULLY VESTED PENSIONS so GE COULD FEED AT THE BANKRUPTSY TROUGH FIRST. GE GOT BILLIONS in 2004 the pensioners got screwed.
    United Employees gave concessions twice but the BUSH ATSB turned UAL DOWN TWICE for ONLY requesting 2.5 billion in LOAN GUARANTEES NOT FREE UNSECURED TAXPAYER CASH LIKE THESE LOOTING INCOMPETENT MANAGEMENTS ARE DEMANDING. WHERE IN THE BUSHBABY WORLD DO THEY THINK THEY ARE?

    OBAMA HAS A DAUNTING TASK TO WISE UP THE CONGRESS TO THE FACT WE ARE GOING TO CHANGE THESE LOOTERS ACESS TO THE TAXPAYER TROUGH.

    The UAL,BANKRUPTSY COURT,PBGC,ATSB Corrupt collusion has yet to see the light of day and COCKROACHES DON’T LIKE FLASHLIGHTS.

    Just Getting Warmed Up.

  7. […] months someone you would trust as an “economic advisor”? Apparently Hussein Obama does. Not only has General Electric lost stockholders money for years, aids and abets our enemies by dealing under the table with known terrorist countries, Syria and […]

  8. GE owns 80% of NBC and Microsoft…get your facts straight boys.

  9. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  10. Did the united states government give money to the
    arab organization HAMAS?

  11. Impeach Obama about lying about creating 150,000
    new jobs. The President is a lying, we don’t
    need a moron in the white house.

  12. all progressive distort the truth, Example Hillary
    Clinton lying about Bosnia.

    She called it a gaff, fancy word for being a lyer.

  13. President Obama is a Punk!

  14. Presdident Obama is a Moron. and so is anyone who
    voted for this moron.

  15. Forget Olberman, he is deranged. The real issue is the massive conflict of interest that now exists. GE is heavily indebted to the federal government and owns and operates a news agency that reports on this federal government. There can be no objectivity now. I think that the news emanating out of NBC at this point would become so distorted as to be comparable to a state owned propaganda machine reminiscent of North Korea, and should be ignored.

    Read GE’s latest 10q filing of 3/30/09. They are now tapping BOTH this $120 Billion FDIC line on top of the $80 Billion Federal Reserve commercial paper line. Their current ratio is .33 meaning they have 3 times as much current liability as compared to current assets. Without this bailout they would be insolvent and unable to pay Olberman, so he is definitely benefiting from taxpayer funded bailout dollars.

    The quality of the assets is questionable as GE marks them at their discretion and don’t include the lower marks in their income statement, as they are “unrealized.” The income is questionable as well, as most of the net income can be attributed to a recently discovered tax loophole from 2005-2007. The IRS is now auditing GE accordingly. They must be desperate to be forced to “create” income at the risk of being audited. They also face a multibillion dollar class action law suit from investors who claim they materially misrepresented their finances and the stability of their dividend (right up to the day they slashed it).

    Read the 10q, compare it to, say IBM. GE won’t be around this time next year (at least not in its current form), neither will Olberman. You can take that to the bank.

    Kevin

  16. […] any calls to use public monies to subsidize newspapers. Shortly thereafter, he will withdraw the MSNBC Bailout, and demand that GE return not just all public monies, but all profit that GE made with your […]

  17. […] going to be back on the hook of actually having to produce programs that people watch without the security of a bailout? SKY NEWS:  Comcast is putting up more than £8bn in cash assets to buy 51% of NBC Universal from […]

  18. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  19. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  20. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  21. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  22. […] the folks at NBC didn’t know that GE had received these Federal Reserve loans. After all, NBC-Universal and General Electric are two separate entities, governed by two separate groups of people (though […]

  23. […] ChatRSS FeedTwitterFacebookTax Dollars Fund MSNBC?By Ali K. – December 17, 2010 Tweet Source: Waste Of My OxygenIf this is true then America has truly hit rock bottom in terms of our Media. Again Congress has […]

  24. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  25. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  26. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

  27. Next time I read a blog, Hopefully it won’t disappoint me just as much as this particular one. I mean, I know it was my choice to read, nonetheless I actually thought you’d have something useful to talk about. All I hear is a bunch of complaining about something you can fix if you weren’t too busy searching for attention.

  28. […] enemies by dealing under the table with known terrorist countries, Syria and Iran, but also owns Obama-supported MSNBC and NBC with their own liberal propaganda machine. The force behind GE, NBC, and PMSNBC is none other than BDS sufferer and anti-American Jeffrey […]

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