Paulson Book: Behind the Scenes, GE’s Top Exec Confided Credit Woes - ProPublica

Paulson Book: Behind the Scenes, GE’s Top Exec Confided Credit Woes - ProPublica: "As the financial crisis worsened toward the end of 2008, CEO Jeffrey Immelt and other leaders at General Electric repeatedly assured the public that there was no need to worry about the company’s ability to access credit markets and refinance its massive debts as they came due.

But in private conversations that alarmed then-Treasury Secretary Henry Paulson, Immelt laid out a different picture of GE’s credit situation, according to Paulson’s new book about the crisis.

Instead, Paulson writes, Immelt on at least four occasions expressed worries about GE’s short-term debt, known as commercial paper, and eventually lobbied for access to special government guarantees for such debt."