This presentation shows that there cannot be any Gravito-Electro-Magnetic (GEM) field contrary to a popular belief of its existence and contrary to many claims of its existence found in the reputable publications. This is shown using a simple thought experiment of two massive parallel plates that are moving in a direction parallel to the plates’ surfaces and in a direction perpendicular to the plates’ surfaces. It is found that the field energy is not conserved for these two directions if the GEM field existence is postulated as derived from the Einstein’s field equations for the weak gravitational field and as claimed that it has been detected by the Gravity Probe B. In the second portion of the presentation the Gravity Probe B results are analyzed in a greater detail and it is found that this experiment does not prove the correctness of Einstein General Relativity Theory (GRT) as is enthusiastically claimed. It is clearly shown that an error exists in the GRT geodetic precession formula derivation and that the experiment actually proves the correctness of a different metric rather than the Schwarzschild metric of the celebrated GRT theory.