<<Under such a scenario, should GE divest the rest of GECC? >.
Absolutely, yes. We're in agreement.
They would then be harder pressed to beat earnings by a penny each quarter, but it's high time we grew up and stopped paying attention to that sort of nonsense.
A good and smart friend of mine was a senior exec at GE and spent a brief spell at a piece of GECC. I challenged him several times in the past 5 years about the black box and whether it could blow up and he genuinely did not think there was any danger. I doubt that Immelt had any way to gauge the exposure. Good general managers of the GE variety cannot possibly assess the complex financial risks of a GECC, so they should leave it to Wall Street (who can't do it either, but that's another story).
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