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  1. #1
    Atomic Punk bklynboy68's Avatar
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    Default So Long to �� Celeb CEO Jeffrey Immelt

    This Is What Globalized Crony Capitalism Looks Like: Immelt Got Fabulously Wealthy While GE Shares Dropped

    12 Jun 2017




    Jeff Immelt is perhaps the perfect paragon for the failures of the now passing age of globalization.
    Immelt is stepping down from his position as chairman and chief executive of General Electric, the massive company he has led since September of 2001. Jack Welch, his legendary predecessor, had overseen the company as its value rose from about $14 billion in when he took the reins in 1981 to nearly $500 billion when he retired 20 years later. Its stock price increased 400 percent. Annual revenue soared from $18 billion to an eye-popping $130 billion.



    When he took the top job, Immelt promised that GE will always outperform any market that were in.


    That certainly has not applied to the market for GE shares. During Immelts tenure, it share price fell about 30 percentmaking it the worst performing comp-any in the Dow Jones Industrial Average. Total shareholder return, which assumes the reinvestments of all dividends, has been just 17.0 percent. The company lost $150 billion in market value.



    For comparison, the Dow is up 121 percent since Immelts first day as GE chief executive. It would have been up even more if not dragged down by the under-performance of GE. Twenty-one of the 29 other companies in the Dow have at least doubled over those years, according to Erik Holm at MoneyBeat. Holm twists the knife a bit further by pointing out that even if you include the dividends paid to shareholders, GE has the worst cumulative return of any company in the Dow.

    The broader market has performed even better. The S&P 500 is up 124 percent. Total shareholder returns have been 207.63 percent.

    Immelt came in as an evangelist for globalization and technology. These were the forces that were going to drive GEs growth, he told Business Week in an interview published just before he formally succeeded Welch. He promised that the company would thoroughly globalize, including hiring more global leaders and fewer Americans with passports.



    Immelt was also a supporter of Obamanomics. He supported the Obama administrations attempt at economic stimulus, the passage of Obamacare, and environmental regulations. He has long been one of corporate Americas most vocal supporters of policies aimed at curbing climate change, particularly through caps on carbon emissions. In 2011, President Barack Obama appointed him to head a new panel on job creation, which would be remembered for its lack of achievement if it were remembered at all. During the Bush and Obama administrations, GE became perhaps the company known as the embodiment of crony capitalism.

    Immelt is a classic example of a rent-seeking CEO who may know whats good for his own company but not what produces economic growth and private sector job creation, Fred Barnes wrote in 2011.

    Except, as GEs share price shows, Immelt does not appear to have known what was good for his company. Beyond the embrace of globalization, environmentalism, and big government, Immelt transformed BE. He sold off many of GEs businessesplastics, appliances and media businessesbecause he believed they were not core to its operations. He shed its insurance business back in 2005. GE sold off its once-profitable financial services business after this collapsed in the financial crisis, requiring a bailout from the Federal Deposit Insurance Corp., rather than attempt to manage it with greater supervision. Critics say these moves took the company in exactly the wrong direction.



    Immelt himself did very well as the head of GE. He has been awarded GE stock worth more than $75 million. His accumulated pension benefits amount to $82 million, according to Fortune. A GE policy that will allow him to receive most of his unvested stock and stock options grants will inflate that by another $39 million. All told, his retirement will be worth almost $211 million according to Fortunenot counting the cash hes been paid over the years. In recent years, GE paid him an annual salary of around $3.8 million and cash bonuses of more than $5 million.

    Perhaps even more than his personal views on globalization, it is this accumulation of personal wealth while GEs shareholders suffered such outsized losses that make Immelt the perfect symbol of the economic and political system that Trump was elected to overturn.
    "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "But, fucking with Brook is like fucking with hot shit on and ax handle. You just don't get a grip"-track5

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  3. #2
    Forum Frontman It's Mike's Avatar
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    Default

    Cases like this really speak to the ridiculous increase in CEO compensation over the past 30 years. I'd really like to see something done about this.

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  5. #3
    Atomic Punk edwardv's Avatar
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    Default

    I owned GE for years except for a small dividend it did shit but yet rakes in the dough and pays little if no taxes. Fuck off Jeff.
    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.

  6. #4
    Forum Frontman fudd's Avatar
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    Default

    Best stocks to own are Southern Company, Coca Cola, and Ford.

    I've had those most of my life and SC has split 5 times. Bought ford stock at 1.29 a share in 2008 and my family has had coke stock since the 30's.

    I do dividend reinvestment but I easily get 15-20k a year if I did normal dividends.

    And CEO's are worth it if they actually produce. Look at Alan Mullaly. He did an amazing job at ford and saved them from bankruptcy. He gets all the praise he should.


    Sent from my iPhone using Tapatalk

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  8. #5
    Good Enough TJENZ's Avatar
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    Default

    I worked for GE for 10 years. Fuck Jeff Immelt!

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  10. #6
    Atomic Punk Dave's Dreidel's Avatar
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    Default

    Good, he's killing my portfolio.
    If I don't respond to you it means I have you on ignore, which means you are a douchenozzle.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

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  11. #7
    Atomic Punk
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    Default

    Has nothing to do with politics. The guy was shitty at his job.
    He killed a lot of money makers. Including the financial business....that was stupid. That's money maker no matter the climate. The company that bought it is doing just fine.

    They've always been crappy. Just another corporation where some years they pay no taxes. The taxpayers end up owing them money, sometimes. Unfortunately, this administration wants all these greedy companies to pay less. If they only made 15 billion a year they wouldn't be able to survive.

 

 

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