China has strong-armed GE for decades into handing over trade secrets in exchange for market access. GE's bean counters were so focused on quarterly numbers that short term gains superseded long term intelligent decisions. China played GE well and won. GE committed s–c-de allowing the financial managers to drive the decisions that should have been made by engineers. GE's top brass made millions as a result of quarterly profits. They knew they would leave with $Millions. The future of GE didn't matter to them. What mattered was how thick their wallet was as a result of GE's demise.
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Forced to either transfer materials engineering technology Worldwide for turbines, or be ranked low wrt promotions, raises and retention. GE simply took advantage of tax codes and legislation to achieve global economics. Unfortunate this resulted in creating tremendous competition, beyond the company short term goals and metrics.
The Chinese consulate in Houston is closing in 72 hours due to Chinese corporate espionage. Chinese nationals frequently visited GE Plants in Houston which were stationed at the Houston Consulate. Without a doubt, there is a GE connection and GE cared more about their quarterly financials than long term GE success. Imagine how nice bonus times was for GE managers that made their quarterly numbers.
I had a front row seat as GE caved to China's demands. Made me sick. It was obvious the managers were catering to quarterly numbers in lieu of long term intelligent decisions.
Two jet was in love with himself and traveling the world. He spent money recklessly on himself and others on the mgmt team. He made foolish investments in failing companies and pipe dream of competing with Amazon and Microsoft. He was a fool. But he skated with millions for him and his jesters.
Every man for themself mentality. Well, in the future don’t complain it was someone else’s fault when your pension check soars to bottom like your stock options. Take ownership, especially management.