CNBC's Melissa Francis is in Santa Barbara, California for the next two days at the ECO:nomics Executive Conference. Today, Francis interviewed her boss's boss's boss, GE CEO Jeffrey Immelt.

She brought up the are-you-selling-NBC question, and Immelt gave a candid response. "The board and I have never really seriously discussed doing anything with NBC other than running it well," Immelt said. "Any time you go from number one to number four that's unacceptable. And investors really have every right to look you in the eye and say, 'What the hell are you doing?'"

He complimented Francis on how well "you" (meaning CNBC) are doing, however, later in the interview.

Francis also interviewed Lee Scott, CEO of Wal-Mart, during the 11amET hour.

• Earlier: FBN's Liz Claman at ECO:nomics.