Thread regarding General Electric Co. layoffs

lost half of my 401k because, immelt and his cronies robbed ge, no accountability, they got away with.destroying ge

I agree as someone recently posted , two Jet Jeff needs to be prosecuted ! Does anyone recall some checks and balances are supposed to be put in place for publicly traded companies.

Sarbanes-Oxley Act was signed into law on 30 July 2002 by President Bush! How on earth is Jeff not wearing an orange jump suit ? These jokers at GE where cooking the books. Same goes for Jack W. all smoke and mirrors only difference is Jack never signed a financial statement with SOA in place. He retired in 2001.

GE needs to be broken up and GE corporate needs to go bye, bye. All the current employees and former employees have been royally screwed by the old board and former and current leadership. It is criminal what has happened. When are the SEC findings going to break, why is the stock price not tanking further ? These folks are crooks! The pension underfunding was clearly managed incorrectly. Why is KPMG still their auditor ? Why does John still have a job?

Jeff pretended to be a CEO , when all he did was make terrible decisions, mismanage what used to be a great company, and bring it to the brink of bankruptcy . All the while holding "leadership" seminars, and talking about fictional "shareholder value" . He screwed so many good , honest employees , who watched their savings go to a fraction of what they were when he took over -- stock close to $60 at that time. He destroyed the company , at the same time taking millions for himself and pretending to manage the company , which obviously he was clueless at . How can he live with himself .

I'm calling you out on BS.....the GM pensioners did take a reduction. My father's was reduced he was already retired when they filed bankruptcy. Perhaps the younger ones don't realize that. He's 75 years old now.....So DO NOT go telling people this lie....for a fact they reduced their pensions and the 55 something range at the time received a severance package with a partial retirement. My cousin was one of those folks....So stop your lies or get the facts!!!!!!!!

Bullsh!t, the GM pensioners did not take a cut in their bankruptcy. They did not lose a penny. The bond holders and common stockholders got massacred however.

Pension is insured by Pension Benefit Guarantee Corporation. If GE files bankruptcy pension could be reduced, usually if your monthly pension amount is large. 2018 Maximum guarantee for age 65 is $5420.45

Your pension is subject to reduction. Laws that govern pension rules are available online. Do some research and confirm that no your pension is not safe.

Yes the pension fund invested in the GE stock. The real is that the Senior Leaders at GE (and most companies) have little incentive to care at all and get paid and walk away with millions regardless of performance. You remember a (GE guy) named Nardelli and Home Depot????

Yes, pensions are protected, UNLESS the company files for bankruptcy. That is the only way that GE could get rid of its massive liabilities to retirees. I'm sure that's looking more attractive with each passing day.

Breaking the company up will not do anything to alleviate the pension mess. Only bankruptcy or turning it around will work. Which do you think is more likely, based on leadership today?

You need only look at history and observe the number of pensioners who have lost their pensions or seen them cut. I have met several. You don't see them as much because they are out of sight out of mind but they are there in numbers.

Isn’t your pension value guaranteed? (And backed by an external agency). It’s not for you to worry about the stock price when you think about your pension. GE owes you what you are owed in terms of value. It should not be a market driven number like your 401k. Anyone else have input on this?

Can't blame low interest rates when you're paying dividends, buybacks, and mergers, and huge salaries to clueless and criminal execs. The whole board, including flannery, should go to prison for fraud or a similar charge. Workers need to petition government for this.

Ok, notwithstanding that GE ran up a huge pension deficit, didn't the employees have someone representing them at meetings between GE and the pension fund manager? Wouldn't one item on the agenda be whether the pension provision was adequate. If nobody gave a hoot about this then these can be the consequences.

Company's pension issue similar to the country's SS issue. Math doesn't work. Thankfully I got the limp sum letter last year, got my check and ran. I am done with GE. Lump sum is way to go if ever offered. Pensions in general don't exist any more, the new folks don't get one. This is a big problem for GE and can lead to a bankruptcy. Similar happened at GM a few years back and only solution was bankruptcy and the retirees got big hair cut in their checks.

It would send a good message if those who created the mess got some sort of trial and penalty. Too many Corporate Executives think they are above the law/too big to fail/untouchable, call it what you want, these days and are ruining companies at the expense of the workers for their own benefits.

“Go After them” to what end? Even if we got back every cent of every severance package they got it would not scratch the surface of the deficits they created.

Did the GE pension fund invest in GE stock?

I agree, GE should launch their own investigation on this matter and go after the people responsible for retribution

This is just getting started.