GE's Jeff Immelt Trys To Instill Confidence With 50K Share Purchase

With shares of General Electric (NYSE: GE) in free-fall today, despite Friday's 68% dividend cut, CEO Jeffrey Immelt is trying to instill some confidence with an open market purchase of the stock.

A filing just released showed Mr. Immelt bought 50,000 shares today at $8.26, bringing his stake to 1,748,516 shares.

GE's GE Capital unit continues to be the problem, and fears today have the credit default swap traders demanding upfront payments on the contracts.

Shares of GE are down 52% year-to-date.

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