University of South Florida Oceans Eleven Crime Film Analysis FILM CRIME ANALYSISThis short essay is an exercise in informal writing style, reporting your

University of South Florida Oceans Eleven Crime Film Analysis FILM CRIME ANALYSISThis short essay is an exercise in informal writing style, reporting your analysis of the film you have just seen, Ocean’s 11. It should include a BRIEF (1 page) summary of the plot, characters and events. Most importantly, look at the situation of the characters in the film, and analyze their motivations and goals for becoming involved in an extremely sophisticated and complex criminal act, in terms of the Social Theories of Criminology that we have studied. Which theories best explain their behavior? Choose any 2-3 of the characters to analyze.Audience: an academic audience and all others interested in the topic Purpose : explain and informLength:4-5 typed pages double spaced (see general instructions above) Format : APA Style Another New Boss at General Electric – WSJ
11/18/18, 21’14
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Another New Boss at General
The company was once valued at $600 billion. Today: $105 billion.
By The Editorial Board
Oct. 1, 2018 7:27 p.m. ET
John Flannery is shown in this undated handout photo provided June 12, 2107. PHOTO:
General Electric ousted CEO John Flannery on Monday after barely a year in
the big chair. Anxious shareholders want a turnaround, and Mr. Flannery
wasn’t delivering fast enough. He had moved to refocus the company on
aviation and power generation, while selling other businesses. Yet on his
watch the stock fell by half, and GE warned Monday it would miss more
financial targets. Anyone who thinks corporate CEOs hold sinecures in
today’s competitive world should contemplate Mr. Flannery’s fate.
His replacement, Larry Culp, is the first outsider in GE history to get the top
job. That’s telling. Jack Welch, who led the company for 20 years, spent
equally as long working his way up the corporate ladder. Successor Jeff
Immelt did the same before beginning a 16-year run as CEO, which ended
last year under similar pressure from investors.
Mr. Culp joined GE’s board in April, after retiring from about 15 years
leading Danaher Corp. , a conglomerate whose products range from dental
implants to Pantone colors. GE is roughly six times as large by revenue. But
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Another New Boss at General Electric – WSJ
11/18/18, 21’14
shareholders have to hope Mr. Culp’s experience at Danaher will help him
finish the strategic rethink that Mr. Flannery began.
There’s hardly a tougher challenge in business than breathing new life into a
fading behemoth. A lesson that must be constantly relearned is that today’s
success guarantees nothing for tomorrow. Once a successful corporate giant
begins to fall—think Kodak , Compaq or Sears—arresting the drop is a
heroic task. IBM under Lou Gerstner is a rare exception.
In 2000, the year before Mr. Welch retired, GE hit a market capitalization of
almost $600 billion. Last week it had slid under $100 billion, until the price
rallied Monday on news of the CEO swap. That peak was buoyed by the dotcom boom, as well as profits from GE Capital, which was exposed for bad
bets during the 2008-09 financial crisis.
Still, it’s extraordinary to watch a company lose nearly half a trillion dollars
of value. This June GE was dropped from the Dow Jones Industrial Average,
which had included it continuously since 1907.
No wonder shareholders are torqued. Is Mr. Culp the answer they’re looking
for? It probably won’t take long to find out. As GE investors have amply
demonstrated, they’re not in the mood to wait long for results.
Copyright ©2017 Dow Jones & Company, Inc. All Rights Reserved
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Page 2 of 2
Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg…
Photographer: Michael Nagle/Bloomberg
Everyone’s Fed Up With GE’s
Confusing Accounting
By Rick Clough
October 16, 2017, 5:00 AM EDT
Updated on October 16, 2017, 10:54 AM EDT

Industrial giant issues four earnings per share numbers

Critics say adjusted profit obscures actual performance
Last quarter, General Electric Co.
reported earnings of 28 cents a share. Also 13 cents a share, 19 cents a share and
15 cents a share — all at the same time.
The numbers represent profit that includes or excludes certain items, such as
pension costs and discontinued operations. While most big U.S. companies
release adjusted earnings that deviate from generally accepted accounting
principles, GE stands out for the sheer head-scratching complexity of its
quarterly reports. It’s one of only 21 S&P 500 companies that release more than
one adjusted EPS figure.
1 of 6
10/22/17, 07:35
Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg…
The methods have created headaches for investors, who say they obscure the
company’s true performance, and drawn fresh scrutiny from the Securities and
Exchange Commission. Now, with a new chief executive officer and finance chief
in place and contending with a deepening share slump,
GE is facing calls to bring more
clarity to its balance sheet.
“They have to fix the quality of earnings,” said Deane Dray, an analyst with RBC
Capital Markets. “People are beginning to question what is in GE’s adjusted
earnings and what should it be. Investors are not comfortable with the previous
reporting, so it does have to change.”
GE is seeking to regain investor confidence as the blue-chip stock has slid to the
worst performance this year on the Dow Jones Industrial Average. John
Flannery, who became CEO in August, has said he’ll consider all options to
address problems, ranging from weak cash flow to sluggish oil and power
markets. Last week, he welcomed a representative of the activist investment firm
Trian Fund Management to GE’s board.
Read more: GE elects Trian CIO to board amid management overhaul
Accounting may enter the spotlight after the resignation this month of Chief
Financial Officer Jeff Bornstein, who will be replaced on Nov. 1 by Jamie Miller,
currently the head of GE Transportation. She will assume control of the finances
of a global industrial conglomerate that generated $119.7 billion in sales last year.
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10/22/17, 07:35
Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg…
“GE’s numbers are complex,”
said Scott Lawson, vice president
at Westwood Holdings Group
Inc., which oversees more than
$20 billion in investments,
including GE stock as of June 30.
As an investor, “you may find
that is a challenge you don’t
want to work through.”
John Flannery Photographer: Christopher
GE, which will release third-quarter earnings on Friday, reports as many as four
earnings-per-share figures, including GAAP and adjusted numbers. Since
announcing a plan in 2015 to sell $200 billion of finance businesses, GE has
favored a metric known as “industrial operating + verticals” EPS, which excludes
the performance of divisions on the selling block. The company also reports
nonstandard measurements for items such as costs.
GE uses adjusted figures to highlight items that “can be controlled by
management” and reflect continuing operations, the Boston-based company
said in a statement.
“We use these metrics internally to set operational targets and incentivize our
leaders through our compensation plans, as well as externally in our investor
framework,” GE said. “We believe that the focus of our ongoing operations is
particularly important as we execute on the transformation of our business
portfolio to focus on our core infrastructure businesses.”
The disconnect between the company and shareholders has led to a deep slide in
the shares, which closed Friday at the lowest level since July 2013. GE rose 0.2
percent to $23.03 at 10:31 a.m. Monday in New York.
3 of 6
10/22/17, 07:35
Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg…
Although GE stands out for the degree of complexity in its earnings reports, the
company is part of a growing trend in corporate America. Almost all S&P 500
companies used some form of adjusted metrics last year, up from about 58
percent 20 years ago, according to data from research firm Audit Analytics. Inc., for instance, offers a non-GAAP cash-flow metric.
Companies argue that adjustments provide clarity for investors by giving a more
accurate view of underlying operations and stripping away nonrecurring items
such as merger costs, litigation or restructuring. But it can also obscure issues by
making earnings appear better than they are, said Olga Usvyatsky, vice president
of research for Audit Analytics.
“When companies present non-GAAP metrics, in many cases companies are
trying to convey management’s point of view,” she said. “In many cases, nonGAAP metrics are higher.”
Regulators have taken notice. In May 2016, the SEC issued guidance on the use
and presentation of non-GAAP metrics. The agency has also been more
aggressive in contacting companies that may be in violation of the rules.
SEC Letters
In a June 2016 letter to GE, an SEC official said the company’s inconsistent use of
EPS labels in its 10-K filing “does not appear appropriate.” The SEC again asked
GE for clarity on several non-GAAP measures in a letter this year, which was
released publicly Sept. 28.
4 of 6
10/22/17, 07:35
Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg…
As GE has streamlined in recent years, including shedding most finance
operations and focusing more tightly on industries such as energy and aviation,
investors have changed how they assess the stock, said Lawson, of Westwood
Holdings. Cash flow has become more important as investors see discrepancies
between GAAP figures and GE’s adjusted metrics, he said.
While Lawson declined to detail his firm’s holdings, public filings indicate that
the firm has been dramatically reducing its GE stake. As of June 30, Westwood
owned 13,515 shares, valued at about $365,000, down from 1.6 million shares
three months before. The firm held almost 7 million shares in 2014.
“GE somewhere along the line lost the benefit of the doubt that the non-GAAP
adjusted EPS number was a good reflection of what they were earning,” Lawson
said. “When those two numbers sync up closer, I think there are a lot of investors
who will start to take a closer look at the stock.”
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5 of 6
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Everyone’s Fed Up With GE’s Confusing Accounting – Bloomberg
6 of 6…
10/22/17, 07:35
GE Credit Crunch Ripples Across Wall Street – WSJ
11/18/18, 21’12
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GE Credit Crunch Ripples Across Wall Street
A steep fall in GE’s bonds to junk levels is roiling credit markets, spreading pain and gain among investors
and banks
Ratings firms in recent weeks have cut GE’s credit rating to BBB-plus, three notches above junk.
By Matt Wirz
November 15, 2018
Wall Street has a GE problem.

General Electric Co. GE -1.84%
amassed $115 billion of debt on a reputation
as one of the U.S.’s safest borrowers. But revelations of losses and questions
about its accounting have brought financial markets to a pivotal moment.
GE had a sterling triple-A credit rating as recently as 2015. This month,
investors have pummeled its bond prices into junk territory. Once a giant
issuer of ultrasafe commercial paper, it now relies on $41 billion in revolving
credit lines from more than 30 banks—the corporate finance equivalent of a
wallet stuffed with credit cards.
GE stock has lost about half its value in 2018 and ratings firms in recent
weeks cut its credit rating to BBB-plus, three notches above junk. GE’s
various bonds have tumbled about 5% to 18% since late October, according to
MarketAxess, showing that some investors expect further downgrades.
Trade in derivatives protecting against a GE default also surged on buying
from banks and bond funds.
Page 1 of 4
GE Credit Crunch Ripples Across Wall Street – WSJ
11/18/18, 21’12
Newly installed Chief Executive Larry Culp is selling parts of the company
to raise cash and slash debt, including Tuesday’s announcement that GE
would sell a $3.7 billion stake in Baker Hughes, a GE Co. , which sent GE’s
shares up 7.8%.
A slide below investment grade by GE—a name many Americans associate
with safe and boring investing—could reshape the junk-bond market. GE
has so much debt that it would become about one-tenth of the $1.2 trillion
market, according to data from Fitch Ratings. The shift also would force
fund managers to question how well they understand the risk in their
investments and potentially hurt prices for other high-yield debt.
“It’s a relatively systemic company,” said David Meneret, founder of
hedge fund Mill Hill Capital, which has been betting against GE by using
credit-default swaps, or CDS, since July. “It would be extremely concerning
to have that much paper moving from investment grade to high yield.”
Bond investors say they are selling in part because GE’s complex financial
reporting makes it hard to analyze if more unexpected losses will be
revealed, triggering another sudden downgrade. The company is
considering breaking out financial performance of individual subsidiaries to
provide greater transparency to investors, a person familiar with the matter
GE management aims to recapture a single-A credit rating through
divestitures and by refocusing on its power and aviation manufacturing
businesses. The company’s share price still implies $72 billion of market
capitalization, according to FactSet.
GE became a bond-market titan in the late 1990s when its triple-A credit
rating helped it borrow cheaply to fund manufacturing and to raise money
for its financing arm GE Capital to lend. The company has cut debt from a
peak of $336 billion in 2009 but lost its triple-A rating in 2015.
Its bonds remain widely held by insurers, pensions and mutual funds, many
of which have ratings requirements that force them to sell bonds rated
below investment grade. A short-term bond fund operated by Vanguard
Group owned $1.4 billion in GE bonds as of October, representing 2.4% of its
assets, according to data from Morningstar Inc. The fund can invest no more
than 5% in junk debt, a spokesman said. MetLife Inc. owned about $300
million in June but has since reduced its holdings, which now make up a
fraction of 1% of its investments, a company spokesman said.
Page 2 of 4
GE Credit Crunch Ripples Across Wall Street – WSJ
11/18/18, 21’12
Bond prices began their recent fall in late October when the company
disclosed $22 billion in unexpected charges tied to its power unit, after
reporting a $6 billion shortfall in insurance reserves in the first quarter.
GE’s bonds have been the most actively traded in the U.S. corporate-debt
market over the past two weeks with more than $10 billion changing hands,
according to MarketAxess.
Some bondholders are purchasing credit-default swaps, which pay out if GE
defaults, to protect themselves, while hedge funds are buying the swaps in a
bet that they will rise in value as the company’s fortunes worsen. Prices of
GE CDS roughly doubled in November and the dollar amount of swaps
outstanding quadrupled to $836 million, the highest amount of any
corporate borrower in the world, according to IHS Markit and DTCC Data.
Wall Street banks with lending commitments to GE also are buying CDS to
protect loans to the company, according to people familiar with the trades.
Banks account for about 10% of the recent GE CDS transactions, one of the
people said.
The recent downgrades made borrowing through commercial paper more
difficult for GE and the company is increasingly drawing on $41 billion of
credit lines provided by more than 30 banks to fund itself, according to its
quarterly earnings report. GE’s lenders include Citigroup Inc., Goldman
Sachs Group Inc. and Morgan Stanley , according to its 2017 annual report.
“We currently are using $2 billion of these facilities as well as the
commercial paper market for general intraquarter working capital needs,”
said GE’s Treasurer Jennifer VanBelle.
The more GE borrows from the banks, the more CDS they will buy, pushing
the cost of the swaps higher and increasing the perceived risk of default, Mr.
Meneret said. Current CDS prices imply a default risk over the next five
years of about 16%, almost twice the approximately 9% risk implied at the
end of October.
The sharp moves in GE debt and derivative prices reflect concerns that
further losses or cash shortages may be revealed, investors said.
“There is significant potential for negative credit surprises as GE proceeds
with its ‘comprehensive review of assets,’” said David Sherman, founder of
Cohanzick Management LLC, which is selling short GE bonds in a mutual
fund and a hedge fund it manages. Short sellers borrow securities and sell
them with plans to repurchase the instruments at lower prices in the future
to close out the trade, pocketing the difference.
Another popular bearish trade is to sell short GE’s $5.5 billion in preferred
shares, a debtlike instrument that pays a 5% annual dividend. GE can halt
that payment as long as it pays no dividend on its common stock. The
company slashed its common-stock quarterly dividend to one penny in
Page 3 of 4
GE Credit Crunch Ripples Across Wall Street – WSJ
11/18/18, 21’12
Warlander Asset Management LP, a hedge fund seeded by Appaloosa
Management LP’s David Tepper, is one of the funds shorting the preferred
shares, people familiar with the trade said. A spokesman for Warlander
declined to comment.
Bonds continued their slide Wednesday. Asset sales might boost GE’s stock
in the short term but “we believe a downgrade happens anyway,” said Mill
Hill’s Mr. Meneret.
Corrections & Amplifications
GE disclosed $22 billion in unexpected charges tied to its power unit in
October after reporting a $6 billion shortfall in insurance reserves in the
first quarter. An earlier version of this article incorrectly stated the
company reported $28 billion in unexpected charges in October. (Nov. 14,
Write to Matt Wirz at
Appeared in the November 15, 2018, print edition as ‘GE Credit Slide Rattles
Copyright ©2017 Dow Jones & Company, Inc. All Rights Reserved
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Page 4 of 4
GE Slashes Dividend, Discloses Criminal Probe; Shares Sink – WSJ
11/18/18, 21’13
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