The problem with GE is the financing unit and the unknowns regarding their CDS exposure. I wish I had a 30,000 foot view of their CDS porfolio. The size, the long/short bias, large company/sector exposures, etc. I have no idea what kind of skeletons they have in their closet. Having said that, I'm inclined to believe there's value in GE at <$17/share but I also think there's more pain to come. Regardless, volatility will be HUGE and you will probably be able to make money over the next year going long or short GE.