Nov 25, 2007

GE Asset Management

Part of a series The Great American Write-Down

GE Asset Management is the arm of GE that takes care of the $60 billion GE U.S. pension fund for 530,000 active employees, vested former employees and retirees and their beneficiaries. One of their funds, a short-term cash fund recently had a run and redemptions trimmed $600 million from the funds value. The management of the pension seems unconcerned but the part of all these write-downs that bothers me is that as these assets are disappearing, where exactly are they disappearing from. Me thinks that the losses will ultimately end up draining our massive pension accounts.

GE: Investors took $600 million out of fund after subprime losses
Mortgage Woes Damage a GE Bond Fund