https://www.washingtonpost.com/business/the-expensive-lesson-ge-never-learns/2018/10/12/6fb6aafa-ce30-11e8-a360-85875bac0b1f_story.html?noredirect=on&utm_term=.7c3530b87134
5 replies (most recent on top)
@2klh said "WaPo....Jeff Bezos' blog." No, it's a respected paper.
Is the WSJ just "Murdoch's Blog"? Ok, maybe the editorial page is, but otherwise it's also a respected paper. And I think Bezos has far less editorial influence on WaPo than Murdoch does on the WSJ.
WaPo....Jeff Bezos' blog.
"Welch was fawned over by security analysts for seemingly making his numbers every quarter. He was lauded for managing earnings, a euphemism for gaming the numbers so he could hit performance targets."
I clearly remember this going on in the 80's and 90's. I would watch product get pushed out the door and off the property on the last day of the month before being sold so it could be considered a profit. Only to then see it return a day or two later and sit till it sold. While this was all going on, we were still working on the product for the new month's quota. The problem now is that GE has sold off all of the divisions they were able to makes these numbers with. Now's there's nothing left to make Chicken Dinner with, but the Chicken S*%t!! Get ready everybody!! Dinner is about to be served!!
Grocery stores are very complex. You have many unrelated sections of the store, dairy, meat, produce, dry goods, etc., but all of them have to work together to make a successful store. Huh, sounds like GE. Power is like the meat section, expensive products and ready to rot on you any day now.
Great article... Welch, Immelt should both go to jail, along with all members of the board over those 30 years. Welch is the worst of them all. Caused the company to rot from the inside, with a toxic culture; made moves with complete disregard for long term risk. Created the Corporate Audit Staff group, a bunch of F crooks paid to help cook the books, day in, day out. Surfed the wave of financial services in the 90s. What a F clown this guy is. Plus he picked Immelt, a complete id--t from Harvard BS. Who could not run a F grocery store.
Both got paid hundreds of millions destroying the best company in the world. Are you F kidding me? Have them give all the money back, and pack their sh-- to end their life in jail.