Key questions and answers from the third quarter earnings call conducted by General Electric Co. (GE: chart) on October 10, 2008.

Bob Cornell (Barclays Capital): Comment on the outlook for the Finance business?

Keith Sherin: We are going to have an environment here where we are going to be very disciplined on origination. We are going to be shrinking the book a little bit and remixing from some of the higher leverage products to lower leverage products so you’re going to see some impact of that.

We are going to get a benefit from the new volume that we are putting on with higher pricing. We’re going to get a benefit from lower costs. We are going to be under pressure from higher loss reserves.

We are not counting on any gains in the Real Estate business in 2009 and those are basically the four or five factors that we are going to have to think about; losses, impairments year over year, less gains, higher margins from the new originations, lower costs, and what kind of volume are we going to see in total.

Scott Davis (Morgan Stanley): Is there anything you can do to take advantage of this cycle?

Keith Sherin: When you look at the originations budget that we have where we are doing over $20 billion a quarter in Commercial Finance we ought to use that in the most effective way possible.

Clearly we did that earlier in the year with the Citi Capital acquisition and the Merrill Capital acquisitions those have been performing really well for us. We got great earnings out of them so far.

We do have capital, we are planning on originating, we are planning on continuing to invest in our Commercial Finance businesses and we have got to see what opportunities are available.

The couple places that we have kept off would be global mortgages on the consumer side and then commercial real estate globally we just basically have said there are still a lot of great business to be done there but we have capped off on the size and so we are going to bring that down over time.

Scott Davis (Morgan Stanley): Any detail on the Santander swap?

Jeff Immelt:You have got to get regulatory approvals in the countries and my sense is that still will likely happen in the fourth quarter.

Deane Dray (Goldman Sachs): Could you discuss what you were saying today on the implications of the credit market conditions on the Industrial businesses?

Keith Sherin: If you look across the Infrastructure businesses we had a total of less than $30 million of cancellations in the quarter. We have not seen anything in the Energy business. We had less than $30 million, some of that was in Oil & Gas.

We have no cancellations basically in Aviation. We have had no CSA termination. In the Healthcare business certainly hospitals are talking about funding and whether they will continue with some of the projects that they may have had on the drawing board or delay them based on their ability to get funding.

In the long cycle infrastructure businesses we have not seen any yet. You have seen it on the Financial Services side clearly on ability for people to finance asset sales and that’s obviously in the run rate.

A lot of them are driven by global governments and sovereigns who are going to finish these projects based on need to get more energy extraction or oil and gas distribution. In the near term you feel pretty good about that backlog.

Christopher Glynn (Oppenheimer): On the funding, talk about the backup capacity for the Commercial Paper?

Keith Sherin: When you look our liquidity plan one of the objectives we had was to get to the fourth quarter, end of the fourth quarter and have our cash plus our bank lines be greater than our CP.

Obviously with the equity raise we build that cash cushion so we could say that we have that today. If you look at steps that are available to you number one we have got our great broad CP market we have not had any trouble funding ourselves.

We feel like the actions we have taken and the actions the Fed put in place actually give the CP market even more confidence about us and that we have seen that. We continue to fund ourselves at very low rates without any issues.