GE representatives referred us to a recent interview in which Culp said the company has ample liquidity. Culp referenced some $40 billion available in untapped revolvers. He also said GE Capital runs a “matched book” of business. That refers to the fact that the cash from GE’s financial assets arrive at the same time that the debt used to buy those assets comes due. When it works it lowers the refinancing risk.

The problem is that Culp nor his predecessors ever walked investors through GECC’s financing assets and leases and borrowings they were matched to. It has been left up to investors to figure it out. It appears GECC’s $70 billion in borrowings could exceed its financing receivables and leases by $25 to $32 billion. Read more:

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