Amazing money making machine

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Wright, president of the General Electric Credit Corporation, with a note amazing money making machine disdain in his voice for banks. But perhaps the man protests too. In the era of deregulation, G. Credit is emerging as a tough and innovative competitor for much more familiar giants of banking and finance such as Citicorp, Monwy Lynch and American Express. Consider its ingenuity:.

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Wright, president of makong General Electric Credit Corporation, with a note of disdain in his voice for banks. But perhaps the man protests too. In the era of deregulation, G. Credit is emerging as a tough and innovative competitor for much more familiar giants of banking and finance such as Citicorp, Merrill Lynch and American Express. Consider its ingenuity:. Many ill Americans are getting hospital bills machins exceed their health insurance coverage.

For G. Credit, that means opportunity. The credit kicks in when a patient’s insurance runs. Among its many businesses, G. Credit finances leveraged buyouts.

But the bottler lacked sufficient collateral in plant, trucks and machinery. Unwilling to give up, G. Credit decided that the Dr Pepper franchise itself was the most valuable asset — an unprecedented approach. Credit won a novel concession from Dr Pepper, aamzing agreement to mobey the finance company take over the franchise if the loan goes bad.

Machune deal established G. Credit as the leading financier of buyouts in the bottling business. In Texas, G. Credit drills for oil to salvage tens of millions of dollars in loans to finance drilling rigs.

While most banks are writing jaking such loans and selling repossessed rigs at fire-sale prices, G. Credit has taken a different approach. It has set up a new company in Houston, the R. Chapman Drilling Company, that amazinh taken over 27 rigs kachine by G.

Last Friday, four were even out on contract, drilling for oil. Once the energy business rebounds, the rigs might be sold at far more attractive prices than they ever would draw at auction today. CREDIT’S eagerness makinb take on risky, high-yielding loans and to jump amazing money making machine management when a borrower gets into trouble — it even took over the Houston Astros for a while in the ‘s when the baseball team’s owner defaulted on a loan -goes a long way to explain G.

Credit’s amazing profitability. Its return on equity is above 20 percent, greater than any other major finance company or amazkng in the nation. And its triple-A credit rating is matched only by J. Credit is emerging as an awesome lender, ranking among the nation’s 25 largest banks in loan volume. And in an era when America’s giant corporations amazin bypassing banks and raising money on their own, G. Credit has become a special problem for the big money center banks.

As they scramble to build up a lending business with mid-sized companies, the banks are finding themselves in stiff competition with G. Credit, whose forte is lending to these same middle-level companies. Above all, G. Credit’s example is encouraging other major corporations to push their finance subsidiaries into diversification, although perhaps not to the extreme that General Electric has taken it.

Credit, founded in the ‘s to finance the purchase of G. The rest is a mixture of corporate, consumer and real amazng lending that has made G. Credit the makong diversified finance company in the United States, according to the American Banker. Ford’s financing arm has acquired the First Nationwide Financial Corporation, the eighth-largest savings and loan in the United States.

Chrysler acquired FinanceAmerica, the huge finance company divested last year by the BankAmerica Corporation. Credit, although not as dramatically. Last month, G. Credit »can become a major force in any direction they want to go,» said Mark Solow, a,azing vice president of the Manufacturers Hanover Trust Company. Internally, Citicorp, the nation’s biggest and most diverse banking company, has begun to rank G. Jones, chief accounting officer. The Kidder purchase was engineered by the year-old Mr.

Wright, a lawyer by training, who took over G. Wright says. But while Mr. Wright is looking, he has a problem that could undercut his maaking to sustain the 20 percent return demanded by General Electric of its financing company. The tax bill now before Congress would eliminate the 10 percent investment tax amwzing, now an incentive for leasing deals that account for one-third of G.

Credit’s loan business. So was Mr. Wright as president and G. Wright runs his empire-within-the-General-Electric-empire from a two-story sand-colored brick building in Stamford, Conn. In keeping with the image of an arm’s-length relationship, the building is macgine town from the fortress-like structure that serves as headquarters for John F.

Welch Jr. Welch declined to be interviewed for this article, sending word through a secretary that Mr. Wright operates autonomously.

But Mr. Welch plays a significant role in G. Credit, says Mr. Wright said. Wright, a balding man whose wire-rimmed glasses and quiet way of speaking make him seem more like a corporate lawyer than a big-time financier, who likes to collect fast sports cars and race amazinh occasionally. Wright and his top executives say that if the finance arm does not earn a return on equity of about 20 monry — better than G.

Wendt, G. Credit’s executive anazing president. Wright, who joined G. Before he was named to head G. Credit, he had been monet president in charge of G. Last year he sold G. Credit’s mortgage-banking subsidiary.

So far, G. Credit’s return under Mr. Wright has been Morgan, which ranked first among the nation’s major banking companies. But even Mr. Wright acknowledges that it is hard for G. Credit to sustain this level of performance. That means G. Credit must squeeze out twice the profitability on each loan as a bank to get the same rate of return on capital. So it must take on riskier loans. Inevitably, such lending gets G. Credit into dicey situations. Air Florida, for example, the ill-fated airline that dissolved after one of its planes crashed, had leased most of its aircraft from G.

After Air Florida closed down, G. Today, financing aircraft remains one of G. But G. Credit became nervous itself in and about its huge airplane leasing activities because even some of the biggest airlines were hard hit by high fuel costs and interest payments. Preparing for the worst, G. Credit bought a 20 percent stake in Guinness Peat Aviation Ltd. Bunt, G. Credit’s vice president and controller. As it turned out, the airline situation improved and recently G. Credit sold its Guinness common stock, tripling the money it originally invested.

THE latest threat to G. Credit’s earnings is not credit risk so much as the tax bill now before Congress. That bill would severely reduce the company’s profits from tax-oriented leasing.

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