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That's because even GE commercial wind turbines are just another chinese company using a name under licence. GE is Haier and they're junk. I've got 3 washing machines and I think my parents have a fridge. They are using ZIP TIES in place of hose clamps, PVC pipe in place of rubber that goes soft with heat, the things are rotting with rust, no ACTUAL chassis just curved sheetmetal connected to a big one piece plastic base. Honestly inside they are the quality of any no-name brand chinese junk. Put together like they're some kind of improvised junk that has to last a few hours to get you out of being stranded. I had a spin dryer die ad then randomly a few months later started working again, all the lint filters wouldn't stay in after a few years because of junky plastics. They pretty bad
I'm old enough to remember the downsizing craze of the 1980s/90s. I knew an older man who worked at such a company for decades. He needed 30 years to get his pension. They fired him in his 29th year. He then went to work as an elderly janitor, with no security. Jack Welch and others like him are evil, they destroy lives and societies.
He should have sued. In Asia they pay you a bonus that's often the majority of your total compensation on the last day of the year, and they've been known to fire people on December 30.
Never trust centralized pension schemes, ever! 40K or IRA all the way. Pensions are nothing more then IOU's, and you can never completely trust the people give you those IOU's. Jack Welch is not just an example of what's wrong with corporate America these days, but what's wrong with the ruling class of this country. They're a bunch of short-sighted, greedy, irresponsible self-agrenadizers who have ran the country into the ground and that's why it's such a bad shape these days.
Jack probably did not know this older man, he is just serving his shareholders over his employees and public companies are pressured to do or face law suits from shareholders. Ultimately, we simply cannot depend on job security for any employer. If GE went bankrupt, he would be out of work as well. Makes the employees dependent on their income like me never secure in our jobs, but as we can quit without warning, so can they quit us. In the end you cannot depend on man, but then again I have faith in a higher power. It seems self employment is the only job security and that is being in your own business and that business may not succeed. Capitalism with all its flaws beats socialism as then you have put your faith in something that is not sustainable and kills the human spirit. No simple solution, but Jack Welch is just as human as anybody else and made hard choices to grow the company.
@@Baruch-Hashem Jack's problem was he embraced financial engineering. I saw a study once that synthetically paired a competitor to GE with a bank and found this hybrid stock combination about equaled GE in performance. So Jack should have broke up GE Capital from GE and had them separate. We are GE shareholders from way back and only now is GE going back to its 2007 highs (slowly, maybe in another 5 years it will surpass them).
I think you did a good job on filling everyone in on how evil he was as far as economics but you missed the biggest part and it’s not an economic issue. I’m from Pittsfield MA where he started as a chemical engineer. Before Jack Welch was named CEO and closed the entire pittsfield plant, GE was dredging PCBS into our lakes and into the Hudson River (and doing the same at the Schenectady plant in NY). Jack Welch has publicly said (you can look it up) “There’s not evidence that PCBS are harmful” which is complete nonsense because they actually cause cancer and birth defects. That’s the reason why GE has spent over a billion dollars on clean up efforts here, and not to mention the only reason why there is a GE company in Pittsfield is because they hired all of these environmental engineers to help cleanup the mess they started, that’s it. I’ve heard from many people that he was the biggest scumbag who ever lived. This is a true story: a not pleased employee keyed his car one day, he was outside with a bunch of people around him and he said “oh you think that’s funny huh? I’m gonna turn this town into a f*** ghost town”.
@@CngDelta757Calhoun is not the source of the problem. I believe the OP is referring to McInerney who was another GE alumnus. After losing the Welch succession race to Immelt, McInerney went to 3M for about 4 years. Then in 2005 he became CEO of Boeing. He was there until 2015.
Worked for a CEO like this. Ultimately a very destructive person. He was a CA. Knew nothing about the business and was only interested in the little profitability strategies that he had been taught at university. What a disaster. Surrounded himself with a bunch of similar minded narcissists who sang his tune. Didn't want to listen to anyone who warned about the strategies and how damaging they were to the business. Also used the one-big-happy family mantra to BS employees but in fact cared only about the money. Stripped off profits that was created by his predecessors. Destroyed the company's reputation. People who had been with the company for 20 years were bullied out of the company. Now it's a failing company. Sad but a fitting legacy for a weak and greedy little man.
He embodies the typical "Fuck you, got mine" attitude of most CEOs today, trying every trick in the book to pump stock prices in the short term at the cost of long term viability of his company. What's worse, it's actually a disservice to the shareholders because he favored short term pump over long term dividends. The man didn't care for his fiduciary duty. He cared for his compensation package tied to the stock price.
Shortsighted people back then used to praise him as a genius and look where GE is today because of him CEO culture today has turned them into value leeches that have taken corporate America down with them So think twice before criticizing people researching companies and practices like that and having the abilty to see long-term consequences of business strategies
This guy did not just help ruin manufacturing in America, he made bullshting into an art form for corporate executives, which resulting corporate executives putting greater emphasis on theoretical value then tangible value in order to juice the stock value without putting any accompanying tangible value in order to make themselves look good for investors so they can get they're stock options and bonuses. It just not made the corporate America more greedy, it turned into the dysfunctional awful hellscape that is today.
As an entrepreneur in the '90s, I like many thought Jack Welch was a rockstar. I bought his book. But after Trump was president and I heard Welsh gushing about Trump's, gutting the epa, and cutting all kinds of regulations, I knew what kind of capitalist he was and I threw out his book.
America must create a corporate “museum” with the great entrepreneurs as well as these corporate vultures who have destroyed the middle class and killed the American dream. He and the Republican Party of the 1980’s whom encouraged globalization. The Midwest saw the # of factories get shipped overseas by the hundreds.
Yep -- they convince intelligent, independent & critical thinking folks to do "one for the team", pushing that idea over and over -- then this is often what happens .. "group think" ends up ruining it all.
My uncle worked at GE's Appliance Park in Louisville KY from 1970 until 2001 after serving in Vietnam and he says at the height Appliance Park employed about 8,000 people then jobs began being outsourced under Neutron Jack Welch. When my uncle retired in 2001 he said they had less than 1,000 employees . Haier bought GE's Appliance division but they still make appliances under the GE banner
Goodness. Thomas Edison would be rolling in his grave. This guy’s evil influence has possibly put us on the downward spiral of Western civilisation. Is it possible to come back from this?
What I find the worst is how Jeff Imam was left WITH A SHELL made to look powerful and if you come across any former GE CORPORATE types, the blame Jeff and PRAISE Jack. It takes you about 30 seconds of reading to realise what vain slimy type of people these former corporate guys are. The type completely disconnected and indifferent from guys on the ground floor.
The final few years he took money from the insurance company to show a steady profit rise each quarter, raising stock price. . Eventually it collapsed. But he got all his bonuses.
IIRC this is the same guy that wrote a book called Integrity , then he dumped his wife for the woman who helped him write it. INTEGRITY OK, NEUTRON JACK.
Corporations need to fire the takes salary positions that family owned companies don’t need. Corporations like the government get way too bloated at the top and they lay off the actual people who work.
Great. Just say what his compensation package was. I read about it many years ago and it was jaw dropping. Of course, maximizing profit is always rewarded - after all, we don't care about the people working for us; only about the investors, because they are the only who can fire us.
He used to fire is his bottom 10% performers every year. My counter is what of there's not much difference between the bottom 10 and the other 90? Someone's always last, no matter how well the group does as a whole. I guess the bottom 10 could go be the top 10 at another company. That's another common business lie. "This place works you to death. But if you can make it here, YOU CAN MAKE IT ANYWHERE!". You actually believe it and work harder because of it. My dad and my managers of his generation love Jack Welch and read his book along with Sam Walton's book.
This/he was the biggest transition on what you describe "end of capitalism" . I would say that this was the beginning of disposable corporations/employees. It's evolving, now there's "gig" employment which is even worse. I'm retired, but lived a life that seemed to be like walking on a glacier, every time i settled, the ice broke away and dissolved. I don't wish anyone in these callous positions harm...oh well wish the young well - it's not the boomers, its the venture capitalist/billionaire ceos who, through making it easy for purchasing- used by all....a worrying place.
Downsizing is a lazy and short-sighed way to run a business, instead of figuring out ways to actually make a profit and make your products marketable. It will only crush a company in the long run.
Hate him or not, Jack Welsh is one man who can right many wrong things that are going on in the current corporate world. The rise of BS jobs is also a big problem which could be solved the Welsh way by letting the bottom 10% go.
Ah yes, the Reagan Years which Americans remember so fondly! SMH Overall, a good look at Welch's reign and management "style". The only thing you might have overlooked was the NABET strike at NBC back in '87!
I got his book as a gift back in the 90's. At first, I thought it was supposed to inspire me to work harder, now, I think it may have been a warning about just how cruel corporate life was going to be, and to advise me to get on another track. I do remember Jack said in his book "being rich is like being young and having hair" (regarding women). I thought that was funny, and says a lot about him. Money solves everything in his world.
Jack Welch broke capitalism. This is what happens when capitalism runs wild. Oh yes, financialization is destroying another legendary American company: Boeing! Wuck Felch!
Thanks to Jack Welch corporate America's mission statement was reversed instead of first being devoted to your workers and your community Prophet came first and the formula they used was simple when your age plus the number of years you were with the company equal a certain level you will let go
I have the popcorn maker going 24/7 waiting to see who the winner is - China who focuses on innovation and builds equity or the US who on average has stagnated and focuses on cashing out generations of hard won equity.
This is such a hit piece. Employees could have bought shares in GE and made tons of money. The CEO is a Fiduciary to its shareholders. Nothing more. Welch did his job - brilliantly.
It all crashed post Jack Welch. He was ruthless but Wall Street loved him. Employees he didn't layoff loved him because their 401K's did so well. I hear no one complain about paying for stadiums so athletes can make millions off the poor tax payer.
Why couldn't manufacturer's make money on the goods they produced? High labor costs and fringe benefits paid to employee's. If someone else is willing to subsidize the labor cost, the consumer benefits with lower prices. US companies then could focus capital on higher tech product production.
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What a f*cking joke!
TittyO
When our dishwaher expired our repair person suggested any brand except GE.
GE Appliances is now owned by Haier.
That's because even GE commercial wind turbines are just another chinese company using a name under licence. GE is Haier and they're junk. I've got 3 washing machines and I think my parents have a fridge. They are using ZIP TIES in place of hose clamps, PVC pipe in place of rubber that goes soft with heat, the things are rotting with rust, no ACTUAL chassis just curved sheetmetal connected to a big one piece plastic base. Honestly inside they are the quality of any no-name brand chinese junk. Put together like they're some kind of improvised junk that has to last a few hours to get you out of being stranded. I had a spin dryer die ad then randomly a few months later started working again, all the lint filters wouldn't stay in after a few years because of junky plastics. They pretty bad
Yeah and probably in brand new Samsung my bro does that. My old GE dishwasher pretty great though. Honestly kind of anything New
Haier is Chinese 😂@@jacobr5627
I'm old enough to remember the downsizing craze of the 1980s/90s. I knew an older man who worked at such a company for decades. He needed 30 years to get his pension. They fired him in his 29th year. He then went to work as an elderly janitor, with no security. Jack Welch and others like him are evil, they destroy lives and societies.
He should have sued. In Asia they pay you a bonus that's often the majority of your total compensation on the last day of the year, and they've been known to fire people on December 30.
@@raylopez99 Justice is split in the USA. Unless you can actually find an attorney who wants to right a wrong, good luck with suing.
Never trust centralized pension schemes, ever! 40K or IRA all the way. Pensions are nothing more then IOU's, and you can never completely trust the people give you those IOU's. Jack Welch is not just an example of what's wrong with corporate America these days, but what's wrong with the ruling class of this country. They're a bunch of short-sighted, greedy, irresponsible self-agrenadizers who have ran the country into the ground and that's why it's such a bad shape these days.
Jack probably did not know this older man, he is just serving his shareholders over his employees and public companies are pressured to do or face law suits from shareholders. Ultimately, we simply cannot depend on job security for any employer. If GE went bankrupt, he would be out of work as well. Makes the employees dependent on their income like me never secure in our jobs, but as we can quit without warning, so can they quit us. In the end you cannot depend on man, but then again I have faith in a higher power. It seems self employment is the only job security and that is being in your own business and that business may not succeed. Capitalism with all its flaws beats socialism as then you have put your faith in something that is not sustainable and kills the human spirit. No simple solution, but Jack Welch is just as human as anybody else and made hard choices to grow the company.
@@Baruch-Hashem Jack's problem was he embraced financial engineering. I saw a study once that synthetically paired a competitor to GE with a bank and found this hybrid stock combination about equaled GE in performance. So Jack should have broke up GE Capital from GE and had them separate. We are GE shareholders from way back and only now is GE going back to its 2007 highs (slowly, maybe in another 5 years it will surpass them).
This is one of the people that destroyed manufacturing factory in America
Destroyed the middle class, retired and eventually died obscenely rich.
That was nafta
People who thought like Welch, thought NAFTA was a good idea.
Manufacturing in America is booming. Great paying jobs and everyone is hiring
No sir. That was corporate tax hikes.
I think you did a good job on filling everyone in on how evil he was as far as economics but you missed the biggest part and it’s not an economic issue. I’m from Pittsfield MA where he started as a chemical engineer. Before Jack Welch was named CEO and closed the entire pittsfield plant, GE was dredging PCBS into our lakes and into the Hudson River (and doing the same at the Schenectady plant in NY). Jack Welch has publicly said (you can look it up) “There’s not evidence that PCBS are harmful” which is complete nonsense because they actually cause cancer and birth defects. That’s the reason why GE has spent over a billion dollars on clean up efforts here, and not to mention the only reason why there is a GE company in Pittsfield is because they hired all of these environmental engineers to help cleanup the mess they started, that’s it. I’ve heard from many people that he was the biggest scumbag who ever lived. This is a true story: a not pleased employee keyed his car one day, he was outside with a bunch of people around him and he said “oh you think that’s funny huh? I’m gonna turn this town into a f*** ghost town”.
Does Chainsaw Al mean nothing? :)
Welch, Lay and Skilling were the pillars of corporate America. The formula was easy: show results today, with tomorrow’s resources.
welch wasn't arrested like the others
@@JoshtheFifith because he left GE considered a genius
This is why Boeing is having
all these problems now
Yep, profits over people never wins in the end.
Calhoun was his buddy at GE. Funny they look eerily similar.
@@CngDelta757Calhoun is not the source of the problem.
I believe the OP is referring to McInerney who was another GE alumnus.
After losing the Welch succession race to Immelt, McInerney went to 3M for about 4 years. Then in 2005 he became CEO of Boeing. He was there until 2015.
Jack Welch has gone from hero to zero. Pundits would now list him among the ten worse CEOs of all time.
Never liked him
Worked for a CEO like this. Ultimately a very destructive person. He was a CA. Knew nothing about the business and was only interested in the little profitability strategies that he had been taught at university. What a disaster. Surrounded himself with a bunch of similar minded narcissists who sang his tune. Didn't want to listen to anyone who warned about the strategies and how damaging they were to the business. Also used the one-big-happy family mantra to BS employees but in fact cared only about the money. Stripped off profits that was created by his predecessors. Destroyed the company's reputation. People who had been with the company for 20 years were bullied out of the company. Now it's a failing company. Sad but a fitting legacy for a weak and greedy little man.
These individuals usually reap what they sow. Perhaps one has to wait a while for the karmic result, yet it indeed will happen.
The tools are useful but vice lies on either side of the golden mean. Emotional weakness and "greed"
He created the heavy “mid management “ structure with tons of deadweight. Exploit the performers and then get rid of them.
He embodies the typical "Fuck you, got mine" attitude of most CEOs today, trying every trick in the book to pump stock prices in the short term at the cost of long term viability of his company. What's worse, it's actually a disservice to the shareholders because he favored short term pump over long term dividends. The man didn't care for his fiduciary duty. He cared for his compensation package tied to the stock price.
Shortsighted people back then used to praise him as a genius and look where GE is today because of him
CEO culture today has turned them into value leeches that have taken corporate America down with them
So think twice before criticizing people researching companies and practices like that and having the abilty to see long-term consequences of business strategies
And now his little minions are destroying Boeing.
The Jack Welch way turned the company into a feudal state.
What's funny to me is companies used to have souls
They didn't really, but they may have become more evil.
I worked for a GE startup for a few years. The beaurcracy of GE was so top heavy and difficult, GE was its own worst enemy.
This guy did not just help ruin manufacturing in America, he made bullshting into an art form for corporate executives, which resulting corporate executives putting greater emphasis on theoretical value then tangible value in order to juice the stock value without putting any accompanying tangible value in order to make themselves look good for investors so they can get they're stock options and bonuses. It just not made the corporate America more greedy, it turned into the dysfunctional awful hellscape that is today.
The rise of the CEO sociopath
The Boeing contribution aged poorly
Jack Welch, the wrecking ball behind the demise of the NBC Radio network and WNBC radio.
80s greed
When I first heard of the vitality curve, my mind immediately went to Amazon
As an entrepreneur in the '90s, I like many thought Jack Welch was a rockstar. I bought his book.
But after Trump was president and I heard Welsh gushing about Trump's, gutting the epa, and cutting all kinds of regulations, I knew what kind of capitalist he was and I threw out his book.
America must create a corporate “museum” with the great entrepreneurs as well as these corporate vultures who have destroyed the middle class and killed the American dream. He and the Republican Party of the 1980’s whom encouraged globalization. The Midwest saw the # of factories get shipped overseas by the hundreds.
It got started under Nixon. But really got going under Reagan.
I have worked for 2 American companies. And yeah, I recognise that style of management.
Not pleasant to be judged, micromanaged and bullied at work.
Nobody worships him, a lot of people fear him.
He has ruined Boeing, so I despise him, not worship him.
Used to work for the appliance division. He was not well liked among legacy employees.
His 3 principles were: 1) downsizing, 2) downsizing 3) downsizing….
as long as he was not included in the equation.
Have we found here the beginning of the homeless problem?
Seems to be.
maybe if you cry harder it’ll get fixed
Corporations destroy competition and innovation
Yep -- they convince intelligent, independent & critical thinking folks to do "one for the team", pushing that idea over and over -- then this is often what happens .. "group think" ends up ruining it all.
He was a world class Clown who turned colleagues into competitors
Destroyed GE
I owned a bunch of GE stock in the 90s. I sold it all in 2005.
My uncle worked at GE's Appliance Park in Louisville KY from 1970 until 2001 after serving in Vietnam and he says at the height Appliance Park employed about 8,000 people then jobs began being outsourced under Neutron Jack Welch. When my uncle retired in 2001 he said they had less than 1,000 employees . Haier bought GE's Appliance division but they still make appliances under the GE banner
Goodness. Thomas Edison would be rolling in his grave. This guy’s evil influence has possibly put us on the downward spiral of Western civilisation. Is it possible to come back from this?
I wonder how his predecessor Reginald Jones ended up feeling about his choice of successor.
I wonder how his predecessor Reginald Jones ended up feeling about his choice of successor.
holy crap, people are actually defending this guy?
Yes. Unfortunately said people are fellow CEOs.
Yes. Stockholm syndrome on a social level.
SUCESS LEAVES CLUES
Yes, unfortunately they retards run most companies
My dad would have when he was still holding that stock.
"We're having a little contest this month. First prize is a Cadillac Eldorado. Second prize is a set of steak knives. Third prize is you're fired..."
What I find the worst is how Jeff Imam was left WITH A SHELL made to look powerful and if you come across any former GE CORPORATE types, the blame Jeff and PRAISE Jack. It takes you about 30 seconds of reading to realise what vain slimy type of people these former corporate guys are. The type completely disconnected and indifferent from guys on the ground floor.
The final few years he took money from the insurance company to show a steady profit rise each quarter, raising stock price. . Eventually it collapsed. But he got all his bonuses.
There's a special place in hell for Jack...
It makes me wonder how he is he actually living in the afterlife 🤔
Let's hope.
Neutron Jack says "Rank and Yank"! Adding shareholder value baby, yeah!
So where were the politicians when he was doing all these crazy stuff to the economy where were the SEC?
IIRC this is the same guy that wrote a book called Integrity , then he dumped his wife for the woman who helped him write it. INTEGRITY OK, NEUTRON JACK.
Really well edited, nice video!
Thank you!
"Greed is good"
Well, greed is the vice, but gain is good. Like love and lust
Corporations need to fire the takes salary positions that family owned companies don’t need. Corporations like the government get way too bloated at the top and they lay off the actual people who work.
I used to be a fan, but once I looked past the headlines and looked at what he actually did, I soured on him.
It’s like these companies don’t understand if you crash the economy how will anyone buy your product
What a bastard
HE DESTROYED GE!🤬🤬🤬
Bottom 10% of ceos
Greed greed greed
Jack Welch did not break capitalism: How bared its fangs and used them. His style was capitalism's endgame, which is to hoard all of the value.
It's a set of voluntary games. He won
Curse to American manufacturing industry
the friedmann doctrine was absolutely terrible for every other stakeholder other than shareholders. what a scumbag
also, subscribed!
Excellent video! I admire the well-crafted script, sound design, and overall flow. Keep up the fantastic work! Subscribed
Thank you! 🙏
I tak oto odszedł potwór, hiena cmentarna ale USA załuguje na takie potwory samemu będąc potworem.
That man should be on “American Greed”.
This is why USA is in decline.
Great. Just say what his compensation package was. I read about it many years ago and it was jaw dropping. Of course, maximizing profit is always rewarded - after all, we don't care about the people working for us; only about the investors, because they are the only who can fire us.
Six Sigma is evil.
He used to fire is his bottom 10% performers every year. My counter is what of there's not much difference between the bottom 10 and the other 90? Someone's always last, no matter how well the group does as a whole. I guess the bottom 10 could go be the top 10 at another company. That's another common business lie. "This place works you to death. But if you can make it here, YOU CAN MAKE IT ANYWHERE!". You actually believe it and work harder because of it. My dad and my managers of his generation love Jack Welch and read his book along with Sam Walton's book.
This/he was the biggest transition on what you describe "end of capitalism" . I would say that this was the beginning of disposable corporations/employees. It's evolving, now there's "gig" employment which is even worse. I'm retired, but lived a life that seemed to be like walking on a glacier, every time i settled, the ice broke away and dissolved. I don't wish anyone in these callous positions harm...oh well wish the young well - it's not the boomers, its the venture capitalist/billionaire ceos who, through making it easy for purchasing- used by all....a worrying place.
Greatest fraud CEO ever. I knew that when everyone was shitting all over themselves back in the day!
Downsizing is a lazy and short-sighed way to run a business, instead of figuring out ways to actually make a profit and make your products marketable. It will only crush a company in the long run.
Hate him or not, Jack Welsh is one man who can right many wrong things that are going on in the current corporate world. The rise of BS jobs is also a big problem which could be solved the Welsh way by letting the bottom 10% go.
Nowonder Boeing is losing it's competitive edge in the recent past...
...and where Boeing is today?
News Flash: Crotonville, the GE Management school, is now closed.
Ah yes, the Reagan Years which Americans remember so fondly! SMH Overall, a good look at Welch's reign and management "style". The only thing you might have overlooked was the NABET strike at NBC back in '87!
I got his book as a gift back in the 90's. At first, I thought it was supposed to inspire me to work harder, now, I think it may have been a warning about just how cruel corporate life was going to be, and to advise me to get on another track. I do remember Jack said in his book "being rich is like being young and having hair" (regarding women). I thought that was funny, and says a lot about him. Money solves everything in his world.
Well, I've heard it's a dry heat, Jack.
Jack Welch broke capitalism. This is what happens when capitalism runs wild. Oh yes, financialization is destroying another legendary American company: Boeing! Wuck Felch!
always at the expense of workers (slaves)
So, who went to prison?
Thanks to Jack Welch corporate America's mission statement was reversed instead of first being devoted to your workers and your community Prophet came first and the formula they used was simple when your age plus the number of years you were with the company equal a certain level you will let go
... I had a professor that worshiped this man, half of the term year was based on discussing his scummie strategies and his leadership skills.
The 80's seem to be where America went wrong.......
70’s
Neutron Jack.
Nice work, Subbed
Jack Belch
It is not smart going to hell.
If it makes anyone feel better, that massive disparity in wealth is almost entirely stock just like GE.
I have the popcorn maker going 24/7 waiting to see who the winner is - China who focuses on innovation and builds equity or the US who on average has stagnated and focuses on cashing out generations of hard won equity.
Why is he even mentioned today, disgusting 😢
😮
What he did is get China to do all the work and get a lot of currency based wealth
Did the same like Enron
Greed is good
GE a failed corporation. Welch played a major role in that failure, achieved by being entirely focused on the short term.
Welch criticising trimmings of office and then refuses to give back his private jet on retirement. Pompous, conman, hypocrite.
You did a great job with ge, and then undid yourself bringing Amazon at the end of the
This is such a hit piece. Employees could have bought shares in GE and made tons of money. The CEO is a Fiduciary to its shareholders. Nothing more. Welch did his job - brilliantly.
He benefitted himself and shareholders brilliantly, in the short term. Screw what happens 10-20 years later right
Report good
It all crashed post Jack Welch. He was ruthless but Wall Street loved him. Employees he didn't layoff loved him because their 401K's did so well. I hear no one complain about paying for stadiums so athletes can make millions off the poor tax payer.
evil? more like wrong.
I mean, the only reason you lay off an employee is you don’t need them.
Look at where GE is now.
Keep licking that boot simpy.
If only they applied that logic to Jack Welch
I mean, given their state of business, maybe they didn't know what they needed.
Bunk
Screwed everything up
So he got it wrong......good
No no not no no no no no
Why couldn't manufacturer's make money on the goods they produced? High labor costs and fringe benefits paid to employee's. If someone else is willing to subsidize the labor cost, the consumer benefits with lower prices. US companies then could focus capital on higher tech product production.
Talking shit on successful people never gets old 😊
Greed
G-d bless, Welch. he is probably why the US economy did not become totally dysfunctional in the 1980s. "Control your destiny or someone else will."