GE Should Bust Itself Up

General Electric reported that its first-quarter net income fell 6% to $4.3 billion, or 43 cents a share, from $4.57 billion, or 44 cents a share, a year earlier. GE also lowered its 2008 guidance substantially.  The company is one of the very few old-fashioned inefficient conglomerates that survived the bust-up days of the 80s LBOs which state anti-takeover legislation halted by 1990.  Too bad.  With hostile takeovers still practicable, GE would have long ago been busted-up.  Its board of directors should do the honorable thing (and that which they have a fiduciary duty to shareholder to do) and bust the company up to benefit its shareholders.