PODCAST: GE looks to spin off credit card division
A sign outside the corporate headquarters of the General Electric company in Fairfield, Connecticut.
GE wants out of the credit card business. The company issues more 55 million credit cards for stores like Wal-Mart and Banana Republic. It’s profitable, earning more than $2 billion dollars last year. As recently as this May, a former GE executive bragged about the high return the company was getting through this arm of its operations. But General Electric wants to invest more heavily in its core industrial work.
Today ends the trading month, one that has not been kind to a lot of stocks. With less than one trading session to go in August, the Dow is down 4.4 percent for month, and the S&P is down 2.8 percent. Nasdaq was up a .1 percent, again for the month.
The NFL has reached a tentative agreement with 4,500 retired professional football players over claims that the league hid what it knew about the dangers over head injuries. Retired players and their families will receive $765 million over the next 20 years.