GE Announces Poorhousing Initiative
Now that the easy money is gone, a lot of people are getting out of the subprime business. The latest fallout to hit the newswires comes from the folks at GE (NYSE: GE) who, according to this report at CNBC, have "realigned our resources to meet customer needs."
Translated into English, it means that slightly more than half of the WMC mortgage unit will be fired. Oops, excuse me. GE likes the old-school euphemism: "layoff."
I suggest a new piece of insufferable business jargon to describe the act of putting people in dire financial straits: "Poorhousing."...