General Electric plans to spin off Consumer Finance Business
According to the Washington Post (Saturday August 31, 2013 at 1:36 a.m.) - The consumer finance business provides store credit cards to about 55 million people for retailers like Wal-Mart Stores Inc. It accounts for $50 billion of GE Capital’s $274 billion in outstanding loans, according to the report. Aside from its finance business, GE sells a wide variety of industrial equipment and appliances around the world. This includes jet engines, medical diagnostic equipment, oil and gas drilling equipment and washing machines. For those of you who hold GE consumer financial products and cards beaware. Changes are in the wind as GE plans to get out of the business.