So Long to �� ‘Celeb’ CEO Jeffrey Immelt
Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Results 1 to 7 of 7
  1. #1
    Atomic Punk
    Join Date
    Favorite VH Album

    The Magnificent 7
    Last Online

    Today @ 02:11 PM
    Liked 21,470 Times in 12,457 Posts

    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 we’re in.”

    That certainly has not applied to the market for GE shares. During Immelt’s tenure, it share price fell about 30 percent–making 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 Immelt’s 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 GE’s 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 administration’s attempt at economic stimulus, the passage of Obamacare, and environmental regulations. He has long been one of corporate America’s 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 what’s 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 businesses–plastics, appliances and media businesses–because 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 Fortune–not counting the cash he’s 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

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesn’t really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

  2. The Following Member Likes This Post:

  3. #2
    Forum Frontman It's Mike's Avatar
    Join Date
    Vaughan, Ontario, Canada
    Favorite VH Album

    like them all, no favourite
    Last Online

    Today @ 02:08 PM
    Liked 13,922 Times in 7,856 Posts


    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.

  4. The Following 2 Members Like This Post:

  5. #3
    Atomic Punk edwardv's Avatar
    Join Date
    hanover pennsylvania
    Favorite VH Album

    diver down
    Favorite VH Song

    drop dead legs
    Last Online

    Today @ 02:08 PM
    Liked 4,545 Times in 2,769 Posts

    Premium Member


    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
    Join Date
    Favorite VH Album

    Fair warning, 5150
    Favorite VH Song

    HAIL, love walks in, 5150
    Last Online

    Liked 8,814 Times in 4,498 Posts



    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

  7. The Following Member Likes This Post:

  8. #5
    Good Enough
    Join Date
    Favorite VH Album

    Women and Children First
    Favorite VH Song

    Everybody Wants Some!!
    Last Online

    Today @ 12:31 PM
    Liked 1,480 Times in 893 Posts


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

  9. The Following 2 Members Like This Post:

  10. #6
    Atomic Punk Dave's Dreidel's Avatar
    Join Date
    P.F. Chang, South Korea
    Favorite VH Album

    Alex, Dave, Ed and Mike
    Favorite VH Song

    The songs with Ed on them
    Last Online

    Today @ 12:48 PM
    Liked 29,559 Times in 14,947 Posts


    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!

    A man's rights rests in three boxes: the ballot box, the jury box, and the cartridge box

    Hurricane Halen - Let's all gingery touch our sword tips!!!

  11. #7
    Atomic Punk
    Join Date
    Mean Street
    Favorite VH Album

    Fair Warning
    Favorite VH Song

    Bottoms Up!
    Last Online

    Yesterday @ 12:53 AM
    Liked 4,716 Times in 2,964 Posts


    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.



Similar Threads

  1. Jeffrey Bernard is unwell
    By graeme in forum VH Fans Meeting Place (Non-Music)
    Replies: 1
    Last Post: 03.09.09, 01:07 PM
  2. Celeb Look-a-like
    By TenaciousD21 in forum VH Fans Meeting Place (Non-Music)
    Replies: 3
    Last Post: 08.01.05, 10:50 PM
  3. What celeb wife will you go home with.... Celeb swingers party
    By Texas Poundcake in forum VH Fans Meeting Place (Non-Music)
    Replies: 12
    Last Post: 01.24.05, 10:44 PM
  4. Actor Jeffrey Jones Arrested
    By Crmlcrm216 in forum VH Fans Meeting Place (Non-Music)
    Replies: 15
    Last Post: 11.19.02, 08:47 AM
  5. Nude Celeb's
    By Scott in forum VH Fans Meeting Place (Non-Music)
    Replies: 9
    Last Post: 06.09.01, 09:38 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts