Old boys club, yes man culture. Many of the decisions that where made with the buy ups business like Alstom did not make any sense. Why on earth would they do the derivatives with mortgages is beyond belief. Then there were the false accounting issues with turbines being booked in the current quarter as revenue only to to be put back in the factory after the quarter was over.
Welch is the real problem in this 40 year GE cover up that now unfolding. If GE stayed a 1960 and 70 icon this would have never happened. Welch’s cover up and under the table dealings about fake earnings made GE look like they were worth 600 billion when they were only worth about 40 billion. Immelt kept Welch’s lie going for as long as he could.. Soon to be uncovered by our current CEO..
Blame Welch...forward stock splits on lies over 20 years really destroyed GE Immelt was just protecting his friend!!
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