He took a healthy company that turned a consistent profit in to a house of cards built on lies. It blew up the stock price for a decade or two before the cracks began to show.
Jack Welch was 100% about short term profit at the expense of long term stability.
His stack ranking fucked over thousands at GE alone, and countless more at all the companies who followed suit. It was and still is a brain-dead policy.
The list goes on, but it all boils down to taking an innovative company and turning it into an unregulated bank, an unregulated bank that was at the heart of the 2008 subprime mortgage crisis.
Yes, because that article was garbage that had its lips firmly glued to Jack Welshes taint.
GE has a 7% rise in profits from 1979 into 1980. And spoiler, there is no GE today. It’s been broken up after it was pulled from the S&P due to massive financial fraud and bankruptcy, all due to following Jack Welsh’s management style.
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The bad management was Jack Welch, and his bullshit was only possible due to Reagan loosening regulations on businesses.
“legendary CEO” my ass. Dude was a fucking disaster.
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https://www.npr.org/2022/06/01/1101505691/short-term-profits-and-long-term-consequences-did-jack-welch-break-capitalism
Strange? Accurate.
He took a healthy company that turned a consistent profit in to a house of cards built on lies. It blew up the stock price for a decade or two before the cracks began to show.
Jack Welch was 100% about short term profit at the expense of long term stability.
His stack ranking fucked over thousands at GE alone, and countless more at all the companies who followed suit. It was and still is a brain-dead policy.
The list goes on, but it all boils down to taking an innovative company and turning it into an unregulated bank, an unregulated bank that was at the heart of the 2008 subprime mortgage crisis.
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Yes, because that article was garbage that had its lips firmly glued to Jack Welshes taint.
GE has a 7% rise in profits from 1979 into 1980. And spoiler, there is no GE today. It’s been broken up after it was pulled from the S&P due to massive financial fraud and bankruptcy, all due to following Jack Welsh’s management style.
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For the moment, but soon it will be three companies.
All because of the fraud.