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It is hard to know whether NBC was being scrupulous or self-serving when it was the only newscast to consult a correspondent when General Electric made almost $750m less than it expected in the first quarter of 2008 and its value fell in "the worst one-day loss for that stock since the 1987 crash," as Scott Cohn put it. Cohn comes from CNBC, the sibling financial news cable channel of NBC--both owned by General Electric. The bad news at GE was mentioned in passing by ABC and CBS to account for a sell off in the financial markets, with the Dow Jones Industrial Average losing 256 points. CNBC's Cohn offered the details, conveniently excusing GE's NBC Universal media operation as the prime cause of his bosses' shortfall. He named a commercial real estate credit crunch, a slowdown in sales of household appliances and hospitals failing to pay for medical equipment as the major problems.
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