BizRadio's MoneyMan Dan Frishberg Exposes General Electric CEO's Sell-Out and Shares New 10-Year Plan

BizRadio's fearless leader says: " General Electric's (NYSE:GE) (Fairfield, Connecticut) Jeffrey Immelt, who was pummeled a couple of weeks ago as chief executive officer, says he may be unable to return to the 10% profit expansion that he forecasted before because he is trying but failing to sell the slow-going financial services assets. Think about this. He is trying to sell the consumer finance part, which has been very, very profitable for General Electric all the time. Now why is he trying to sell it now when it is at the bottom?

Why didn't he sell it when it was the biggest earner they had and he could have gotten a fortune for it? Why is he doing it? Because he's got to pump up that income right away. This guy doesn't care about the balance sheet of GE because nobody looks at it. He only cares about the earnings. He is going to trade his balance sheet; he is going to sell away fluctuating assets at the bottom to please the shortsighted popularity contest of a stock market. Why? Because he is getting a lot of bad press because he missed his earnings.

Look, these idiots who are analyzing these companies are so shortsighted, and the presidents and CEOs of the companies are just pandering to them and pandering to the television audience. This is why the stock market is doing less for people as a long-term investment than it used to.

I'll tell you the shortsighted view is so popular right now I really think maybe it is time to start taking a real longer-term view. So let me tell you what my new 10 year plan is: A quarter of my stock money goes into buying Asian and foreign stuff slowly on what I call time stops, that means just buy it slowly and then every once in awhile, when it sells off like it did a couple of months ago, go in and buy a bunch of it. A quarter of it in simple technical stuff and then half of it going in buying distressed real estate on the beach in the most beautiful places in the world that everybody is going to want, and then I won't care if I make money on them for 10 years. That's how people get rich, folks. Right now all this short-term trading that you want to do, it's never going to make anybody rich."

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