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Post by Phaedrus on Oct 1, 2018 13:15:13 GMT -5
I kind of sort of feel bad for him. The worst of the transgression came from Immelt and Welch. Flannery just inherited the headaches.
Of course, I'm sure they have him lots of money to go away. But people like that aren't about the money, they are about power.
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Post by Mocha on Oct 1, 2018 13:41:14 GMT -5
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Post by Phaedrus on Oct 1, 2018 19:23:59 GMT -5
Wow, dude got screwed. To be honest, I don't think Culp can get it done either, there are only a few companies that is like GE and it is not like running Danaher, big companies are pretty unique and difficult to manage. Not to say that Flannery had any idea, he hadn't managed anything this big either.
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Post by ironhammer on Oct 1, 2018 20:32:58 GMT -5
Wow, dude got screwed. To be honest, I don't think can get it done either, there are only a few companies that is like GE and it is not like running Danaher, b ig companies are pretty unique and difficult to manage. Not to say that Flannery had any idea, he hadn't managed anything this big either. Big companies are like big ships, it takes a lot time to steer it in a different direction, and it steers slower than what most people want too. And GE, despite divesting significant chunks of it's former subsidaries, is still a big company. There is also path dependency, how the current decisions by Flannery are constrained and limited by prior decisions and choices made by his predecessors. Now any new CEO taking over will have to deal with path dependency, but in the case of Flannery, he has to confront a lot more of it given the accumulated consequences made by Welch and Co.
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Post by Mocha on Aug 15, 2019 17:58:33 GMT -5
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Post by Phaedrus on Aug 16, 2019 8:51:19 GMT -5
Yep, saw that. GE has started to mount a campaign to discredit this guy because he released a version of the report to his subscribers before he released the report so they are saying that he is raising the red flag to benefit his own bottom line. His charges doesn't surprise me. GE under Immelt was as transparent as a brick wall in regards to the financials. Markopolos is calling for GE to drop KPMG as their accountants because they were party to the obfuscations under Immelt and I think that is a good if really difficult call to make. By the way, it was Welch that started the GE Capitol mess but Immelt expanded it dramatically.
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Post by ironhammer on Aug 18, 2019 9:04:20 GMT -5
Yep, saw that. GE has started to mount a campaign to discredit this guy because he released a version of the report to his subscribers before he released the report so they are saying that he is raising the red flag to benefit his own bottom line. His charges doesn't surprise me. GE under Immelt was as transparent as a brick wall in regards to the financials. Markopolos is calling for GE to drop KPMG as their accountants because they were party to the obfuscations under Immelt and I think that is a good if really difficult call to make. By the way, it was Welch that started the GE Capitol mess but Immelt expanded it dramatically. I think there are certainly issues with GE and its share price has declined substantially in the past 10 to 20 years, but to equate GE with Enron or WorldCom...I am a little skeptical. There have been criticism against GE's accounting for a while now, and yes, including calls to drop KPMG like you mentioned. That is nothing new. But it's not like GE is caught doing highly questionable accounting practices like the misuse of mark to market like Enron...yet.
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Post by Phaedrus on Aug 18, 2019 13:42:19 GMT -5
Yep, saw that. GE has started to mount a campaign to discredit this guy because he released a version of the report to his subscribers before he released the report so they are saying that he is raising the red flag to benefit his own bottom line. His charges doesn't surprise me. GE under Immelt was as transparent as a brick wall in regards to the financials. Markopolos is calling for GE to drop KPMG as their accountants because they were party to the obfuscations under Immelt and I think that is a good if really difficult call to make. By the way, it was Welch that started the GE Capitol mess but Immelt expanded it dramatically. I think there are certainly issues with GE and its share price has declined substantially in the past 10 to 20 years, but to equate GE with Enron or WorldCom...I am a little skeptical. There have been criticism against GE's accounting for a while now, and yes, including calls to drop KPMG like you mentioned. That is nothing new. But it's not like GE is caught doing highly questionable accounting practices like the misuse of mark to market like Enron...yet. Thats the thing. We don't know what we don't know. Poor John Flannery jumped in thinking he got a sweet gig, a reward for all those years of loyal service and then gets hit with the grotesquely underfunded pension and the accounting irregularities. I'll admit I only worked there for a couple of years but the secrecy that pervades the senior management made me very suspicious and nervous.
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Post by Mocha on Mar 2, 2020 12:06:39 GMT -5
RIP Jack Welch.
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Post by BearClause on Mar 2, 2020 13:46:02 GMT -5
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Post by Mocha on May 27, 2020 12:07:38 GMT -5
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Post by mikegarrison on May 27, 2020 12:13:29 GMT -5
Light bulbs were a great business to be in when people had to keep buying them and buying them and buying them.... LEDs have finally given us lightbulbs that might out live our houses.
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Post by Wolfgang on May 27, 2020 12:49:48 GMT -5
Out of college, I got a job with the G.E. Edison Engineering Development program, specifically the one in Vermont. It's like a "dream" job for many. The G.E. program paid for a Master's if you wanted but the only school nearby was the University of Vermont. I never heard anything about the school and it didn't make any of the rankings. Honestly, it's probably a decent enough school but I would've had to go to grad school part-time and most likely, take night classes. (Definitely not what I had in mind for grad school.) But in my final year of college, I had better options and being a bleepin' stuck-up snob, I said "No thanks, GE," and elected to go to grad school.1 Also, it didn't fly with my desire to work for a high tech company and get pre-IPO stock options, something I was reading about a lot in college. It was my get-rich-quick scheme to retire before the age of 40. After grad school, I landed in Silicon Valley.2
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1 Turned out to be fortuitous as I met my future wife in grad school within 2 years. Also, I just counted on my employment options would be even better after a Master's with an even "sexier" company, preferably a start-up.
2 California >>>>> Vermont
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Post by c4ndlelight on May 27, 2020 14:29:38 GMT -5
Wonderful article just because it gave us this
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Post by Phaedrus on May 27, 2020 18:26:08 GMT -5
Light bulbs were a great business to be in when people had to keep buying them and buying them and buying them.... LEDs have finally given us lightbulbs that might out live our houses. This was a case of people being stuck in a rut. It's like RCA assigning the LCD patents to the TV division. The last thing they want to do is doi something that would put then out of business. Making LED lights are closer to electronic manufacturing than traditional light bulb manufacturing. Totally different process, it had to be created as they started to manufacture. Light bulbs didn't want to figure out something new,they wanted to keep doing what they have always done, so they had no interest in doing the thing that will obsolete the old product. You notice the LED manufacturers are doing fine, but they don't make traditional lighting.
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