Today's Outrage: GE's Only Worth $2?

This allegation may incite a riot: General Electric (GE Quote) is only worth $2 a share.

That's the opinion of Charles Ortel, managing director of Newport Value Partners, who told Yahoo! (YHOO Quote) Tech Ticker that he thinks GE is overpriced at $11 because of its massive $470 billion debt load vs $2.8 billion of tangible common equity.

Funny how that phrase -- tangible common equity -- keeps making the rounds these days. It's basically a measure of a bank's ability to remain solvent. So why is Ortel applying TCE to GE? That's simple, he thinks GE is more like a bank than an industrial conglomerate these days due to its GE Capital unit. ...