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GE and Abu Dhabi Forming Financial Partnership

Posted Jul 29 2008 9:31am

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The United States has a real dilemma.Do we keep buying imported oil or will we try to break the chains of our oil addiction? How many billions of dollars of American’s hard earned money will go to the foreign oil cartel as they continue to buy up American land, buildings and businesses?

From Reuters News Service:Abu Dhabi and General Electricform financial partnership for $8 billion dollars. Does this mean more of America’s money will be going overseas to support Abu Dhabi when the U.S. is already transferring billions of dollars to the oil cities including Abu Dhabi?

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(above: Barrels of Oil waiting to be shipped to U.S.

Conglomerate General Electric Co (GE.N:Profile,Research,Stock Buzz)and Abu Dhabi investment agency Mubadala Development Co said on Tuesday they have entered into an $8 billion joint venture that will initially focus on providing commercial finance in the Middle East and Africa.The two companies said they also plan on working together in the clean energy and water, aviation, and oil and gas sectors.The action reflects GE’s strategy of shifting its financial operations away from volatile segments such as those influenced by U.S. consumer spending toward areas of higher growth.

Shares of the second-largest U.S. company by market capitalization have been battered this year because of concerns about its consumer and commercial finance units.Why has the stock price of GE dropped to record level lows? Uh, could it be because stock holders have dumped a lot of GE stock and are boycotting GE because of continued sales to Iran?? Think about it,GE is selling goods to Iraneven though Jeff Immelt (CEO of GE) has stated the company would stop this practice.

GE Looking to Sell other Units to Foreign Investors:Last year GE sold it’s plastic division toSabic, the big Saudi Arabian industrials company, for $11.6 billion.General Electricis planning to sell its appliances division, one of the longest-running businesses in the conglomerate’s 120-year history, a person briefed on the matter said. A sale of the unit could fetch at least $5 billion, this person said. G.E. has hiredGoldman Sachs to run the auction.Auction? Run the Auction, is this for real? Among the potential bidders areHaierof China,Boschof Germany andLGof South Korea. (Three more foreign companies buying up America.)

TOKYO (Reuters) - General Electric Co (GE.N:Quote,Profile,Research,Stock Buzz) will sell its Japanese consumer finance operation to Shinsei Bank Ltd (8303.T:Quote,Profile,Research,Stock Buzz) for $5.4 billion, concluding a year-long effort to pull out of consumer lending in Japan. Read theentire story in Reuters.

Iran’s President Mahmoud Ahmadinejad on last week vowed that Iran would not yield in the crisis over its nuclear drive but the White House warned again that it risks more sanctions if it fails to freeze sensitive nuclear work.“The Iranian people are steadfast and will not step back an inch against the oppressive powers,” Ahmadinejad told a rally in the southwestern province of Kohgelouyeh-Boyerahmad.His defiant comments come after world powers warned Iran has only a fortnight to respond to their latest offer seeking to end a five-year crisis that has raised fears of regional conflict and sent oil prices spiralling.

In Iran — “the most active state sponsor of terrorism,” according to the State Department —General Electric is providing four hydroelectric generators to expand a dam on the Kurun River through a Canadian subsidiary called GE Hydro and is also supplying pipeline compressors and gas turbines for Iran’s burgeoning oil sector through an Italian unit called Nuovo Pignone. Not far from the Iraqi border, a subsidiary of Halliburton is helping to build a $228 million fertilizer plant, one of the world’s largest.Another Halliburton division based in Sweden is providing the Iranian National Oil Co. with a $226 million semi-submersible drilling rig, while other subsidiaries operate in Libya. A British subsidiary of Conoco Phillips helped Iran survey its Azadegan oil field, and ExxonMobil only recently sold its Sudanese gas subsidiary based in Khartoum.

“It makes a lot of sense for us to become shareholders in GE,” said Mubadala CEO Khaldoon Al Mubarak. “We like the company.We think that under Jeff’s management this is an institution that has done extremely well.”

Ask the stock holders of GE how well the company has performed over the past 5 years.This statement is just plain not true! The GE stock has done nothing but go down and this is the 2nd largest company in the U.S.

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The companies said Mubadala “plans over time” tobecome one of GE’s 10-largest shareholders by acquiring shares in the open market.One Big Question: If Abu Dhabi becomes one of the main shareholders in GE, then what stops then from eventually buying up more stock and taking over GE, the second largest U.S. company?

In Iran — “the most active state sponsor of terrorism,” according to the State Department — General Electric is providing four hydroelectric generators to expand a dam on the Kurun River through a Canadian subsidiary called GE Hydro and is also supplying pipeline compressors and gas turbines for Iran’s burgeoning oil sector through an Italian unit called Nuovo Pignone. Not far from the Iraqi border, a subsidiary of Halliburton is helping to build a $228 million fertilizer plant, one of the world’s largest. Another Halliburton division based in Sweden is providing the Iranian National Oil Co. with a $226 million semi-submersible drilling rig, while other subsidiaries operate in Libya. A British subsidiary of ConocoPhillips helped Iran survey its Azadegan oil field, and ExxonMobil only recently sold its Sudanese gas subsidiary based in Khartoum.

It seems a few other companies care more about profits by selling to Iran. It’s all about money and greed.

The do nothing Congress sits in Washington and play their fiddles. Wake up America, the oil producing and foreign nations are buying America.

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