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Report: Ge To Spin Off Consumer Finance Business

Aside from its finance business, GE sells a wide variety of industrial equipment and appliances around the world. This includes jet engines, medical diagnostic equipment, oil and gas drilling equipment and washing machines. GE spokesman Seth Martin declined to comment on the report. CEO Jeff Immelt told analysts and investors at a conference in May that his company wanted a smaller GE Capital. He said they wanted to reduce the finance arm's assets from $402 billion in this year's first quarter to between $300 billion and $350 billion by the end of next year. "That is going to create excess cash in GE Capital, and we are going to use that excess cash to buy back stock," Immelt said. That asset total had dropped to $391 billion by the second quarter, according to Martin. Immelt said in May that the company still planned to expand GE Capital's core business, which is commercial lending. He also told his audience that capital markets were receptive to IPOs. GE's stock has climbed nearly 11 percent so far this year.

Supreme Court's campaign finance case gets new firepower

Mitch McConnell has been a leading opponent of campaign finance laws. (Photo: Stephen Lance Dennee, AP) Story Highlights Senate Republican leader Mitch McConnell gets time to argue Case is successor to Citizens United, McCain-Feingold SHARECONNECT 41 TWEET COMMENTEMAILMORE WASHINGTON -- The Supreme Court has granted Senate Republican leader Mitch McConnell oral argument time in a major campaign finance case being heard in early October, giving opponents of current contribution limits new firepower. McConnell is the nation's First Financial leading opponent of campaign finance restrictions, who lost his effort to defeat the McCain-Feingold law's limits on corporate and union donations a decade ago but won the Citizens United case in 2010 that freed corporations to spend unlimited amounts independently on elections. By allowing McConnell to take some of the precious 30 minutes his side will have to make its case, the court on Friday further assured that the case will take on the aura of those two previous cases -- pitting Republican-aligned backers of unlimited spending against Democratic-aligned groups that want to reduce the influence of money in elections. The case is being brought by Alabama millionaire Shaun McCutcheon, a Republican businessman who objects to the overall limits federal regulations place on campaign donations. Donors can give a maximum of $123,200 every two years to federal candidates, political parties and political action committees. McConnell will be represented at the court by Bobby Burchfield, a trial partner at McDermott Will & Emery.

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