GE shares up, U.S. lawmaker sees no breakup

General Electric Co (GE.N) shares climbed more than 7 percent on Thursday after a powerful U.S. lawmaker said he saw "no great need" for the largest U.S. conglomerate to spin off its finance arm.

Since the Obama administration introduced its proposed revamp of the U.S. financial regulatory system, investors and analysts have been concerned that a passage in the proposal could compel the Fairfield, Connecticut-based company to spin off GE Capital.

"To break up GE at this point, I think, would be a mistake," U.S. Rep. Barney Frank told reporters. The chairman of the House Financial Services Committee said he saw "no great need" for a breakup.

Read Full Article from Reuters

- Posted: 2009-07-30 14:39:08

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