CUTTING S&P 2009 DIVIDEND RATE

CHANGING 2009 S&P 500 ESTIMATED DIVIDEND PAYMENT TO $21.97; 2008 was $28.39; INDICATED RATE AT $22.90

22.6% decline worse since -36.3% in 1938; Potentially more downside from issues ‘preserving cash’ GE reduces rate from $0.31 quarterly to $0.10; $8.87B cut QTD 34 decreases ($31.8B), which beats out the record set last quarter at $15.9B; 45 increases (adds $1.5B) Outside the S&P 500 things are worse; the worst Feb since we started keeping records in 1955 (as was Jan)

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