Goldman Turns Down GE

It is thought that Goldman turned down the request as GE does not give it sufficient investment banking business.

GE is seeking to obtain committments of around $15bn from a group led by JP Morgan and Citigroup to shore up its available credit.

Investors and some of the rating agencies have expressed some concern that GE is too reliant on short-term debt.

The decision by Goldman is not the first time it has disappointed a major corporate. It has turned down both Ford and Vodaphone in the past when asked to extend loan facilities. Clearly Goldman wishes to retain its position as top equity underwriter without having to provide debt facilities to clients if at all possible.