Tired of getting relentlessly pummeled in the press, Jeffrey Immelt, CEO of GE (Symbol: GE), decided to fight back with a little transparency this week. Top execs spent six hours — six HOURS* — explaining the inner workings of GE’s complicated finance arm to big investors yesterday. The presentation included how GE Capital’s profits might be hit under different economic scenarios. And that seems to be where the company’s executives lost the investment community.
GE’s shares, down 75% over the past year, closed down 6% to $9.54 share today. As the conference call was getting rolling on Thursday, the shares had rallied slightly, topping out at $11.35. But as more details poured forth, investors lost faith.