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  1. #1
    Banned! CaptainVonDoom's Avatar
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    Default Jack Welch talks about Mitt Romney

    neutron jack nails it.


  2. #2
    Atomic Punk edwardv's Avatar
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    12.13.17 @ 03:35 PM
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    Jack is a POS. He raped GE and got out with all the dough before the crash.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

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    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 12:19 PM
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    How did he rape GE?

    All I know is, my GE stock was incredible when he was there, and it sucks now that he is gone.

    He created billions, and I mean billions of dollars of shareholder wealth while he was there, and is generally considered the best corporate manager in American history.

    My problem with Welch, and most modern American CEO's is they are beholden to Wall Street and to generating corporate earnings, at the detriment to the long term health of the company in some instances.

    Welch gutted GE's research and development, as it was a detriment to short term earnings. Therefore, GE has done from being the number one patentee of inventions to not even on the list.

    Some complain that he made GE into a bank, but that is just what corporate America is now unfortunately, to single out Welch I think is folly. Many companies that most people look at and think "they make lightbulbs, they issue insurance policies", are really only profitable because of their financing arm. Long time ago, when I was a simple accountant with BlueCross BlueShield, our goal was to break even on our insurance business, and make money on the investment of our reserves. If we had a profitable year, it was because we had a good year in the market, not because of exceptional risk management.
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  4. #4
    Atomic Punk edwardv's Avatar
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    He started all the practices such as their credit services and their subsequent involvement into the subprime mortgage derivitive scam market.He left with a bundle in his pocket and the stock has not recovered since. GE is the largest corporation in the world and should be trading at 75 a share not 20.He's no different than Hank Greenberg at AIG or Jamie Diamond at Chase or many other CEOS who cleaned up with the derivitives and left stockholders in shambles not to mention the country while walking away with mega millions. They always get out before the bubble blows and get paid for it.
    Last edited by edwardv; 07.03.12 at 06:39 AM.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  5. #5
    Banned! CaptainVonDoom's Avatar
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    Jack Welch wasn't involved in the mortgage crisis at all. He retired in 2001. The same year the federal reserve started lowering the federal funds rate (from 6.5% to 1.75%) which kick started the subprime mortgage crisis. The crisis officially started in 2005.
    Last edited by CaptainVonDoom; 07.03.12 at 09:48 AM.

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    Good Enough pickslide's Avatar
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    12.13.17 @ 02:09 PM
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    Quote Originally Posted by CaptainVonDoom View Post
    Jack Welch wasn't involved in the mortgage crisis at all. He retired in 2001. The same year the federal reserve started lowering the federal funds rate (from 6.5% to 1.75%) which kick started the subprime mortgage crisis. The crisis officially started in 2005.
    I don't know how involved Welch was, but the destructive practices that led to the crash have been going on for decades. A federal monopoly on home loans, concentrating all that rubbish debt in one place (and federally guaranteeing it), artificially low interest rates and federal incentives (if not outright force) to loan money to people who couldn't afford their if conditions changes. Well, they changed all right...

    TK

  7. #7
    Banned! CaptainVonDoom's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    How did he rape GE?

    All I know is, my GE stock was incredible when he was there, and it sucks now that he is gone.

    He created billions, and I mean billions of dollars of shareholder wealth while he was there
    He's amazing. According to wikipedia, GE's market value increased from $14 billion to more than $410 billion.

    and is generally considered the best corporate manager in American history.
    That title now goes to Steve Jobs

    Here's Jack talking about Steve.

    http://www.bloomberg.com/video/77072...my-europe.html

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    Atomic Punk bsbll4's Avatar
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    12.13.17 @ 12:57 PM
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    He does make a good point about how his credentials are better than most--if not all--of the actual Presidents in the last 50 years.

    That being said, credentials alone do not make a great leader or President. But then again, we've tried the cult-of-personality candidate. We've tried the "man of the people" candidate who sings Al Green, has beer summits, has Jay-Z at his inauguration party, and makes his March Madness picks on ESPN. The candidate that said he would "change" Washington is just simply growing its power and authority while the rest of the country withers on the vine.

    I wouldn't be heartbroken if our next President is boring and square, but actually turns the country around in the process.
    CNN may think my opinion matters, but you shouldn't.

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    If all CEO's ran their businesses like Jack Welch, we'd be fucked even more than we are now... Yeah, shareholders make some money, but what about the common man/woman that doesn't own shares??? GE has struggled since his departure because he was selling off the businesses to make their balance sheet look good... Typical short term thinking...
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  10. #10
    Atomic Punk edwardv's Avatar
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    Ok did some fact checking and I cant seem to find the exact timeline for when GE got away from its high tech manufacturing base and into the world of sit back and make easy fast money off of lending money. It looks like it was going on before Welch was CEO but it was a small part.At some point it escalated and its hard to tell who started that escalation. The public profiles of the company really dont want you to know they were into it big time and it didnt start with the current CEO Jeff Immelt.If I'm wrong about Welch I stand corrected.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  11. #11
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 12:19 PM
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    GE's is in the business to make money, how can anyone fault them for that?

    So there is more money in finance then there is in manufacturing, so it is Jack Welch's fault for taking advantage of it? You can lay the blame of that directly in Washington, who allows us to be trading partners with countries that have slave labor forces and artificially deflated currencies.

    Protecting our manufacturing base is a macro economic issue, and those should be handled by our government. GE and other manufacturers had to off shore their manufacturing, because if they didn't they couldn't compete with companies that did.

    Hard to get into this debate on a forum, as there are so many issues involved with why our manufacturing base and our middle class has disappeared, but in summation, it isn't Jack Welch's fault.
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  12. #12
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    Quote Originally Posted by Dave's Dreidel View Post
    GE's is in the business to make money, how can anyone fault them for that?

    So there is more money in finance then there is in manufacturing, so it is Jack Welch's fault for taking advantage of it? You can lay the blame of that directly in Washington, who allows us to be trading partners with countries that have slave labor forces and artificially deflated currencies.

    Protecting our manufacturing base is a macro economic issue, and those should be handled by our government. GE and other manufacturers had to off shore their manufacturing, because if they didn't they couldn't compete with companies that did.

    Hard to get into this debate on a forum, as there are so many issues involved with why our manufacturing base and our middle class has disappeared, but in summation, it isn't Jack Welch's fault.
    It is what it is

    I won't insult your intelligence by suggesting that you really believe what you just said

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