Interviewing the boss, and letting him off easy

TheStreet.com media critic Marek Fuchs believes that CNBC anchor Joe Kernen let GE CEO Jeffrey Immelt off easy earlier this week when the company lowered its growth projections next year to 10 percent from 13 percent.

GE, by the way, is the parent company of CNBC.

Immelt wrote, “General Electric cut its 2008 earnings numbers this week, plain and simple. No great shame. International sales are still kicking it. They were saying that they would grow by about 13% and trimmed it to 10%, $2.42 a share, citing the tepid national economy.

“Again: no great shame, but here is the accurate rub. The Wall Street Journal, like TheStreet.com and many others, got it right with its headline: GE Says U.S. Slowdown Will Curb Profits: Immelt Sees Global Sales Boosting Earnings 10%, Short of Most Forecasts. And lead: ‘Chairman Jeffrey Immelt said a slowing U.S. economy would crimp the conglomerate’s earnings next year.’

“Kernen introduced the 10% number vs. S&P earnings growth of ‘just 5% to 6%.’ But, uh, what about the old 13%, which is really all that matters to GE shareholders? He then quoted Immelt’s previous statement about how the 10% was ‘in the bag, we can do this.’ But, again, what about the 13% that they apparently couldn’t do?

“Not a huge deal and understandable, considering the economy. But to not mention it? Say it ain’t so, Joe. How ironic, huh, that my say-it-ain’t-so moment this week wasn’t about steroids. As I said, I really liked Kernen. How innocent were those days?”

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