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56-726: Inner City was founded in 1970 by a group of prominent African-American New Yorkers active in business and civic affairs. They were led by Percy Sutton , an attorney and a former president of the New York borough of Manhattan ; and Clarence Jones , a former publisher of the New York Amsterdam News . Sutton and Jones were joined by over fifty shareholders including legendary disk jockey Hal Jackson ; Sutton's fellow " Gang of Four " member David Dinkins , who would later become New York's first African-American mayor ; Wilbert (Bill) Tatum , who succeeded Jones as publisher of

112-532: A " systemically important financial institution ", which makes it subject to oversight by the Federal Reserve. In 2014, GE Capital had 35,000+ employees worldwide, operating in more than 40 countries, with total assets of US$ 499 billion. It was rated AA+ with stable outlook by S&P in 2012. GE Capital's subsidiaries also operated under the GE Money brand. On April 10, 2015, Jeffrey R. Immelt ,

168-538: A full-time educator, S.J. farmed, sold real estate and owned a mattress factory, funeral home and skating rink. Sutton's siblings included G. J. Sutton , who became the first black elected official in San Antonio, and Oliver Sutton , a judge on the New York Supreme Court . At age twelve, Percy stowed away on a passenger train to New York City, where he slept under a sign on 155th Street in

224-596: A merchant banking firm from Banco Santander , in exchange for GE Capital businesses in Germany, Finland, Austria, and the UK. In May 2015, GE appointed Deutsche Bank to sell the bank, then had a net assets of over € 1,000,000,000. In 2016, Banca IFIS acquired Interbanca for €160 million, with an obligation to repay the inter-company debt to GE. GE Money Ireland was part of the European operations of GE Consumer Finance. In

280-477: A talk radio outlet, WBLS's format transitioned from jazz to a progressive mix of black music, under the slogan "The Total Black Experience in Sound." WBLS would experience a period of tremendous success from the mid-1970s to the early 1980s as it pioneered the urban contemporary format under program director Frankie Crocker , and the profile of Inner City rose with it. Inner City later purchased radio stations in

336-496: Is born from the acquisition by GE of Crédit de l'Est and SOVAC in 1995. It provides real-estate mortgages and auto loans. GE Capital sold GE Money Bank France to Cerberus Capital Management in 2016. GE Capital was incorporated as a Restricted License Bank in Hong Kong . Its major focus was in mortgages (homes and automobile) and personal loans. GE Capital sold its Hong Kong operations to Standard Chartered . Budapest Bank ,

392-725: Is no longer an acceptable method of payment of Myer stores, this is following the decision of Myer being disenfranchised from the Coles Myer Group. In 2004, GE Capital Finance purchased the Wizard Home Loans business. On 24 October 2008, GE Money announced that it would cease offering motor finance in Australia and New Zealand. This move proved damaging to GE aligned dealerships who have been given 60 days to find an alternate financier to provide floorplan finance. GE Money also announced that it will be pulling out of

448-627: Is now Cembra Money Bank and went public through an initial public offering (IPO) in 2013. In the United Kingdom, GE Money provided mortgages and secured loans through the former First National, acquired from Abbey National , and offered these through intermediaries. On 25 September 2008, it was announced that the UK Financial Services Authority had fined GE Money Home Lending £1.1 million for failings in its systems, which caused it to overcharge borrowers. It

504-707: The New York Amsterdam News and the Apollo Theater in Harlem . Sutton was born in San Antonio , Texas , the youngest of fifteen children born to Samuel Johnson ("S.J.") Sutton and his wife, Lillian. His father, an early civil-rights activist, was one of the first black civil servants a teacher and school administrator in Bexar County , Texas, and used the initials "S.J." for fear his first name, Samuel, would be shortened to Sambo . In addition to being

560-480: The Amsterdam News ; future New York state senator and comptroller Carl McCall ; Betty Shabazz , the widow of Black Muslim minister and civil rights leader Malcolm X ; civil rights activist, journalist and congressional aide Marcella P. West; and musicians Billy Taylor and Roberta Flack . Dorothy Brunson , who would later become the first African-American woman to wholly own an American radio station,

616-592: The Australian Guarantee Corporation (AGC) business from Westpac , and as a result, AGC Automotive Finance became GE Automotive Finance (GE Auto), and former retail finance competitor, AGC Creditline, became known as GE CreditLine. GE Consumer Finance controlled most credit cards and loans and has a strategic partnership with Coles Group to operate the Coles Group Source MasterCard. GE Consumer Finance governs

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672-628: The Harlem neighborhood of the Manhattan borough of the city. His oldest sister, Lillian Sutton Taylor, who was 20 years his senior, was attending Columbia Teacher's College at the time. His oldest brother, John Sutton, a food scientist who had studied under George Washington Carver , and also in Russia , was living in New York at the time Percy arrived there. His family was committed to civil rights, and he bristled at racism. At age thirteen, while passing out leaflets in an all-white neighborhood for

728-604: The Los Angeles area; Detroit ; San Antonio, Texas (co-founder Percy Sutton's hometown); the San Francisco Bay Area ; Philadelphia ; Pittsburgh ; Fort Wayne, Indiana ; Columbia, South Carolina ; and Jackson, Mississippi . Inner City also owned a variety of other media assets, including two cable television joint ventures with Time Warner Cable in New York City and Philadelphia. The company

784-688: The National Association for the Advancement of Colored People (NAACP), he was beaten by a policeman. He joined the Boy Scouts of America and attained the rank of Eagle Scout in 1936 and was recognized with the Distinguished Eagle Scout Award as an adult. Sutton stated that scouting was a key factor in shaping his life. Percy and Leatrice Sutton married in 1943. He later took up stunt-flying on

840-854: The New York City Police Department Auxiliary Police during the late 1970s. Sutton produced It's Showtime at the Apollo , a syndicated , music television show first broadcast on September 12, 1987. In 1987, Sutton was awarded the Spingarn Medal , an award presented annually by the NAACP for outstanding achievement by an African American. In 1992, he received a Candace Award from the National Coalition of 100 Black Women . The African American Registry GE Capital GE Capital

896-526: The Republic of Ireland , GE Money provided specialised financing and services such as leasing , hire purchase , mortgages and loans to businesses and individuals across the country. With headquarters in Dublin , GE Money serviced its customers through regional sales centres and a dealer and partner network . GE sold its Irish loan portfolio to Pepper Home Loans in 2012. GE Money Bank Latvia

952-620: The Santander Group in January 2009. GE Money Canada provided private label credit card and MasterCard card programs to consumers and lending options for retailers in key industries across the country. GE Money-Canada also was a provider of alternative residential mortgages and patient financing through its CareCredit unit. It was part of the Synchrony Financial spinoff in 2014. GE Money Bank (formerly GE Capital Bank)

1008-721: The Tuskegee Institute in Tuskegee , Alabama; and the Hampton Institute in Hampton , Virginia without receiving a degree. He went on to attend Columbia Law School and Brooklyn Law School , ultimately receiving his LL.B. from the latter institution in 1950. Shortly thereafter, he was admitted to the New York bar. During the 1950s and 1960s, Sutton became one of America's best-known lawyers. He represented many controversial figures, such as Malcolm X . After

1064-647: The barnstorming circuit, but gave it up after a friend crashed. During World War II, he served as an intelligence officer with the Tuskegee Airmen – the popular name of a group of African American pilots who flew with distinction during World War II as the 332nd Fighter Group of the U.S. Army Air Forces . He won combat stars in the Italian and Mediterranean theaters . Sutton attended Prairie View A&M University in Prairie View , Texas ;

1120-531: The AGC Creditline Card (now GEM Visa Card), which provides financing for retailers. In 2006 GE Money New Zealand purchased Pacific Retail Finance (PRF), New Zealand's largest personal consumer finance company, and the mortgage assets of Superbank , a supermarket-based banking system. On 24 October 2008, GE Money announced that it was pulling out of the New Zealand vehicle finance market, with

1176-701: The CEO of General Electric , announced that GE would sell most of GE Capital over the next two years. The following areas were sold: GE Energy Financial Services provides commercial lending and leasing, as well as a range of financial services for commercial aviation , energy , and support for GE's industrial business units. In Australia , the GE Money brand encompassed the GE Consumer Finance and GE Capital Finance businesses. The company provided car, boat, personal and consolidation loans , credit cards, mortgages and insurance . In May 2002, GE purchased

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1232-484: The Democratic nomination for New York City Mayor against Bella Abzug , a former U.S. Representative; U.S. Representative Herman Badillo ; incumbent New York City Mayor Abraham Beame ; New York Secretary of State Mario Cuomo ; and U.S. Representative Ed Koch ; Koch won the nomination and the general election . In his race for mayor, Sutton surprised his liberal political base when he turned temporarily to

1288-532: The GE Creditline, GO MasterCard, gem Visa and Buyer's Edge cards which all offer interest-free terms at participating retailers. GE Finance also had strategic financial relations with Myer , Australia's largest department store. In 2006 and 2007 Myer signed contracts with GE to issue and govern both the new Myer Card and the Myer Visa Card. GE was also the issuer of the old red ColesMyer card which

1344-601: The Stockholm-based Swedish subsidiary GE Capital AB. It was a leading provider of consumer finance products in Norway with more than 300,000 clients and total lending of NOK 5 billion, second only to the major domestic bank DnB NOR . It was the second bank in Norway to offer US style credit cards with zero annual/monthly fee and including a grace period, after Bankia Bank ASA. In the eighteen months following

1400-683: The United States. GE Capital provided credit services solely to businesses and merchants in the United States, and acts as a multi-product commercial finance bank, and uses deposit Accounts to fund commercial loans and leases. The company served various industries, such as automotive, consumer electronics, flooring, healthcare, home furnishings and improvement, HVAC, elective health care, jewelry, landscaping and irrigation, luxury goods, marine, music, outdoor power equipment, pool and spa, power sports, recreation vehicle, sewing, sporting goods, travel, vacuum, and water treatment industries. GE Capital Bank

1456-510: The company's executives failed to accept a buyout offer. The filing resulted in majority control of Inner City being taken over by YMF Media LLC, controlled jointly by investor Ronald Burkle and former NBA player Earvin "Magic" Johnson . YMF Media eventually purchased 15 Inner City stations for $ 180 million on October 19, 2012; the firm then broke up the group in a series of subsequent sales during 2013–2014. Percy Sutton Percy Ellis Sutton (November 24, 1920 – December 26, 2009)

1512-456: The country, the business provides a variety of innovative financial services including auto lending, private lending, sales finance and third party personal lending. The primary focus is on consumers, customers and business partners, such as car dealers, retailers and loan brokers. The Austrian division was purchased, along with the German, Finnish and British store card operations of GE Money, by

1568-613: The firm's closure. In 1999 Inner City lost control of the Apollo Theatre after an investigation by the New York State Attorney General's office (completed by Eliot Spitzer ) found that members of the nonprofit Apollo Theatre Foundation, led by Charles Rangel , retained revenues generated by production of It's Showtime at the Apollo . The final decision resulted in Rangel stepping down as chairman of

1624-399: The foundation; he was replaced by actor Ossie Davis . Time Warner took over operational control of the venue as part of the final decision. In August 2004, ICBC redeemed nearly $ 140 million accreted value of redeemable preferred stock in a recapitalization led by GE Capital and Alta Communications , a Boston-based private equity firm. By 2006 Inner City had sold or otherwise disposed of

1680-560: The launch of GE MasterCard in June 2001, the market increased to more than 100,000 US style credit cards. Before these cards, Norwegian banks only offered annual fee cards or cards with no interest free grace period. In 2014, GE Capital sold its Scandinavian operations to Santander. GE Money, in an effort to expand its presence in Southeast Asia, acquired a majority stake in the now-defunct Keppel Bank Philippines which acquired what

1736-406: The loss of 80 staff. It attributed this decision to the credit crunch . On 15 December 2008, GE Money announced it would no longer be offering home loans through Wizard Home Loans and was seeking a buyer. In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank , Kohlberg Kravis Roberts , and Värde Partners . GE Money Bank Norge was a division of

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1792-660: The majority of its investments outside of its core radio stations. The last remaining investment, a 60 percent share in Philadelphia-based Urban Cable Works, was sold in November 2005 to Time Warner Cable . On August 22, 2011, Inner City's creditors petitioned the United States Bankruptcy Court to force the firm's wholly owned subsidiary, Inner City Media Corporation, to declare Chapter 11 bankruptcy on grounds that

1848-608: The merging of the two brands, GE's Capital's Polish headquarters are located in three cities: Warsaw , Kraków and Gdańsk . In October 2014, the bank's owner, General Electric , revealed it was considering selling the firm. In November 2016, GE completed the spin-off and merger of Bank BPH's Core Bank to Alior Bank. GE Capital retained the Bank BPH legal entity, including its mortgage business. In Romania GE Capital has two subsidiaries: GE Capital sold its Romanian operations to Garanti Bank in 2010. Russian GE Money Bank Russia

1904-688: The mortgage industry and no longer providing mortgages other than those sold under the Wizard Brand. In December 2008, GE Money announced it was in advanced talks with the National Australia Bank to sell the Wizard brand. Ultimately, Wizard was bought by the Commonwealth Bank . In 2015, GE Capital sold its Australian and New Zealand business to a consortium led by Deutsche Bank , KKR and Värde Partners. The business

1960-452: The murder of Malcolm X in 1965, Sutton and his brother Oliver helped to cover the expenses of his widow, Betty Shabazz . Sutton's civil-rights advocacy took him even further in the minds of many. Being jailed with Stokely Carmichael and other activists endeared him to the Harlem community and showed many that he was willing to place himself in harm's way for his client's sake. Sutton

2016-467: The right. He assailed the rising crime rate, as he termed the situation "a city turned sick with the fear of crime". He attacked criminals for "cheating, stealing, and driving away our families and our jobs." His candidacy was fatally injured by racial backlash that followed the looting and arson during the New York City blackout of 1977 , directly precipitating his retrenchment from politics: "It

2072-640: The southern states. There were branches in Coimbatore, Erode, Salem Saradha, Trichy, Madurai, Tanjore, Palaghat, Hyderabad, Trivandrum, Rajamundhry, Kakinada, Vizag, Vijaywada, Hubli, Dharwad and Belgaun. GE was the first BPO's in Hyderabad. GE Capital sold its Indian housing finance business to Magma Fincorp ; in 2012, it sold the remains loan portfolio to cliq capital , and exited the credit card joint venture SBI Card with State Bank of India , leaving SBI in place In 2008, GE Capital acquired Interbanca ,

2128-568: Was a longtime leader in Harlem politics, and was a leader of the Harlem Clubhouse , also known as the " Gang of Four ". The Clubhouse has dominated Democratic politics in Harlem since the 1960s. His allies in running the Clubhouse were New York City Mayor David Dinkins , U.S. Representative Charles Rangel , and New York Secretary of State Basil Paterson – whose son, David Paterson , became New York Governor in 2008. Sutton

2184-874: Was a member of the Federal Deposit Insurance Corporation (FDIC). GE Capital Bank was sold to Goldman Sachs in 2016. GE Capital owned WMC Mortgage from 2004 to 2007. The company briefly owned Kidder, Peabody & Company from 1986 until its sale to PaineWebber in 1994. The capital group also had its hand in broadcasting throughout the early 1990s to own radio and television stations. The company first purchased Pegasus Broadcasting, who owns three television stations WJBF-TV , WAPA-TV and KSCH-TV in 1990. The company next purchased CBS affiliate WCSC-TV in 1991, and radio stations KMOW-AM and KEYI-FM in Austin later that year. The capital quit broadcasting in stages, starting with

2240-898: Was a significant institution in the Czech Republic. It was founded in 1997, after the acquisition of Agrobanka bank as GE Capital Bank. In the year 2000, it changed the name to GE Money Bank. It went through an IPO in 2016 and operates under the new name of Moneta Money Bank. It is a full-service bank with an extensive network of branches and ATMs. Its services focus both on retail clients and small and medium-sized enterprises. Its headquarters are located in Prague . Its call center operates from Ostrava . GE Money Bank Denmark (previously GE Capital Bank Denmark) offered credit cards, loans and other financial solutions. Brand names included Acceptcard, Morecard and E-lån. In 2014, GE Capital sold its Scandinavian operations to Santander . GE Money Bank France

2296-647: Was a universal bank owned by GE in Latvia (merged from the former BTB bank and GE Money financial company ), offering loan and deposit products to both private and legal entities. It was acquired by Otkritie FC Bank in 2011. GE Consumer Finance Co., Ltd ( Japanese : GEコンシューマー・ファイナンス株式会社 , Hepburn : Jī Ī Konshūmā Fainansu Kabushikigaisha ) is part of the Japanese operation of GE Consumer Finance. From April 2005, it began to provide GE Money brand in Japan. In 2008, GE

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2352-451: Was acquired by BDO Unibank in 2009. Polish GE Money Bank S.A. was primarily headquartered in Gdańsk prior to December 31, 2009. BPH SA ( B ank P rzemysłowo- H andlowy) is a Polish financial institution 89% owned by GE Money Bank (prior to 2008 the largest shareholder was UniCredit ), employing about 10,000 people. On 31 December 2009, Bank BPH merged with GE Money Bank Polska. After

2408-463: Was also given the task of running and reviving the Apollo Theater in New York's Harlem . In this capacity, Inner City Broadcasting was a co-producer of the syndicated television variety series It's Showtime at the Apollo . In 1990 Percy Sutton retired as chairman of the board of Inner City Broadcasting, though he remained as chairman emeritus until his death in 2009. He was succeeded by his son Pierre Sutton, who served in that capacity until

2464-486: Was an American political and business leader. An activist in the Civil Rights Movement and lawyer, he was also a Freedom Rider and the legal representative for Malcolm X . He was the highest-ranking African-American elected official in New York City when he was Manhattan borough president from 1966 to 1977, the longest tenure at that position. He later became an entrepreneur whose investments included

2520-556: Was an especially cruel fate for ... Sutton, a master builder of color-blind alliances, who had long been tapped most likely to become New York's first black mayor. ( New York magazine titled a May 1974 Sutton profile 'Guess Who's Coming to Gracie Mansion ?'") In 1971, Sutton cofounded the Inner City Broadcasting Corporation which purchased New York City's WLIB -AM, and WBLS FM the city's first African-American-owned radio station . Sutton served in

2576-404: Was an executive at the company during its early years. WLIB , owned by brothers Harry and Morris S. Novik and programmed to New York's black community, was Inner City's first acquisition, in 1972. The sale included a right of first refusal clause to later acquire sister station WLIB-FM, which was renamed WBLS ; Inner City exercised the clause two years later. While WLIB continued largely as

2632-479: Was announced on 29 March 2008 that the GE Capital Bank store cards business and managed credit card business had been acquired by the Santander Group . In 2015, GE sold its mortgage loans in sales to Kensington Mortgage (controlled by Blackstone and TPG ) and to funds managed by Blackstone, TPG and CarVal Investors. Afterwards, the company ceased taking new loans. Before June 2, 2014, GE Capital Bank

2688-702: Was crowned In-House of the Year - Japan In-House Lawyer of the Year by the 2008 ALB Japan Law Awards . The Japanese operation was sold to Shinsei Bank in 2008. GE Artesia Bank , a part of GE Capitals subsidiary GE Commercial Finance , offered banking services to High-net-worth individuals as well as corporates in the Netherlands . It provided capital finance, long-term finance, leasing and finance for specific international trade transactions. It closed in 2015. In 2002, GE Finance purchased Australian Guarantee Corporation's New Zealand -based finance company to create

2744-562: Was established in 1987 as one of the first commercial banks when the two-tier banking system was created in Hungary. Since 1995, GE (General Electric Company) as owner provided solid background for the bank. Budapest Bank offered a full range of financial and banking services for consumers and small and medium-sized businesses. Budapest Bank was sold to MFB in 2014. GE had more than 118 branches in India as of July 2006. Most of these are in

2800-477: Was formerly known as GE Money Bank and changed its name to GE Capital Retail Bank in October 2011. GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation. GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony Bank. GE Capital was then composed only of the original commercial/industrial bank in

2856-735: Was formerly the Banco Monte De Piedad, the Philippines' first savings bank, established under Spanish era. The acquisition was finalized on December 20, 2005 after the Monetary Board of the Bangko Sentral ng Pilipinas approved the purchase on December 8, 2005. The bank was renamed GE Money Bank Philippines. GE Money Bank Philippines had 31 branches all over the Philippine archipelago. GE Money Bank Philippines

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2912-439: Was located in Moscow . It was sold to Sovcombank in 2013. The Swedish subsidiary was GE Capital Bank AB . Based in Stockholm , the bank traded as GE Money Bank . In 2014, GE Capital sold its Scandinavian operations to Santander. GE Money Bank was the largest provider of small consumer credits in Switzerland. In 2006, the company partnered with Migros , allowing them to offer credit cards contracts through Migros. The Bank

2968-699: Was made up of retail and commercial banks. The company was founded in 1988 and is based in Draper, Utah. GE Capital Retail Bank provided retail banking and credit services to consumers in the United States and internationally. It offered retail sales finance, such as private label credit card programs, installment lending, bankcards, and financial services for consumers. The company also provided retail consumer financing solutions, such as private label credit cards, dual card, flex loans, and all-tender loyalty and gift cards; It offered its products and services through dealers, retailers, associations, contractors, manufacturers, healthcare practices, and service providers. The company

3024-404: Was renamed Latitude Financial Services with Sean Morrissey appointed as its new CEO. Austria's GE Money (formerly GE Capital Bank) was founded in 1994 after the successful acquisition and merger of Mercurbank and AVABANK. Today, it is one of Austria's leading consumer and auto finance businesses and a market leader in retail sales financing. Based in Vienna, with a network of branches throughout

3080-465: Was the financial services division of General Electric . Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial . Ultimately, only one division of the company remained, GE Energy Financial Services , which was transferred to GE Vernova when General Electric was broken up. On July 8, 2013, the Financial Stability Oversight Council designated GE Capital as

3136-430: Was the one who told David Paterson he should run for the State Senate. He also was a life member of the Kappa Alpha Psi fraternity. He was a member of the New York State Assembly in 1965 and 1966 . On September 13, 1966, he was elected Borough President of Manhattan , to fill the vacancy caused by the appointment of Constance Baker Motley to the federal bench. He served in that post until 1977, when he ran for

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