GE is finally moving past its decade-old subprime disaster. The company said it agreed in principle to pay a $1.5 billion civil penalty to settle the the Justice Department’s investigation into WMC Mortgage, the subprime lender that was shut down a decade ago.
Investors are probably relieved that GE doesn’t need to pay more than the $1.5 billion it previously set aside for WMC.
GE’s stock climbed 7% in premarket trading.
source: GE pays $1.5 billion to finally resolve subprime loan allegations – CNN
Geo Fish 