Welch can't take the heat: I quit

[BostonPirate]

Looks like the asshole is leaving the building. Perhaps, in spite of the Romney campaign, truth may still matter in the usa.

Somehow I think it has more to do with a old man's Ego and a master of the market not liking being told he is wrong... boy does that sound familiar.

http://finance.fortune.cnn.com/2012/...k-welch-quits/

Fortune managing editor Andy Serwer said there were a number of things wrong with Welch's tweet, the biggest of which was that the economy doesn't back up the former executive's claim that the numbers were faked.
"I think it's exactly the opposite of what Jack Welch is saying," Serwer said. "Things are actually improving."
CNNMoney, which shares content with Fortune.com, ran a story on Friday covering Welch's tweet. The piece said that even conservative economists thought Welch was wrong to question the jobs numbers. On Tuesday, Fortune.com ran a story detailing Welch's record as a job destroyer. GE lost nearly 100,000 jobs during the 20 years in which Welch ran the company. "I never put myself out there as an employment agency," Welch told Fortune.

Welch also Quit Reuters as well as his Fortune Mag position.

My guess is he will be on Fox shortly.

[rareboy]

Isn't he just about ready to expire period?

[BostonPirate]

One hopes. I saw him on Matthews show the other day... apparently the two are old friends, and most of my bowel movements look healthier than he does.

The Money community is putting him out to pasture. Conspiracy theories dreamed up in five minutes is below who he used to be.

There are obvious senility issues here.

[rareboy]

God love 'im.

The next thing you know he'll be glued to Glenn Beck's program all day long and buying those gold coins and apocalypse vegetable seeds that Beck touts.

[Ninja108]

Good riddance I say.

[chance1]

Isn't he just about ready to expire period?

interesting that the author of an obama "hatred" hitting rock bottom wishes death on someone

is that worse than hate?

think so

Jack Welch would've been a revered fellow here if his BLS comment was with Bush as Pres. and Obama as opponent

we all know that

ageism is a real problem here on the board - in the recent past we've heard commentary about clint eastwood, jack nicklaus and now jack welch

"hatred" comes in many shapes and sizes clearly

[maxpowr9]

Welch is bad but Immelt is far worse for GE. The stock has fallen nearly 70% since Immelt became CEO in 2000. There's a reason why Siemens and even Chinese engineering companies are becoming powerhouses in the US.

Just another retired CEO with an ego problem.

[BostonPirate]

He did good with GE no denying, but his day has passed.

To dream up a full blown conspiracy in five minutes, the time between the release of the Unemployment figures and the time of his tweet?

I could give him a pass on it if he had backed down... as an emotional outburst of a Romney supporter... but his ego won't let him. So he goes out into the world of Fox news nation.

Kind of a sad ending to a career as an adept businessman.

Why do businessmen think they are politicians? They spend their careers surrounded by yes people.

[rareboy]

interesting that the author of an obama "hatred" hitting rock bottom wishes death on someone

is that worse than hate?

think so

Jack Welch would've been a revered fellow here if his BLS comment was with Bush as Pres. and Obama as opponent

we all know that

ageism is a real problem here on the board - in the recent past we've heard commentary about clint eastwood, jack nicklaus and now jack welch

"hatred" comes in many shapes and sizes clearly

Nonsense.

[T-Rexx]

Welch is bad but Immelt is far worse for GE. The stock has fallen nearly 70% since Immelt became CEO in 2000.

People inside GE have told me that the reason Immelt has not done as well with the stock price is that Welch destroyed the company. He pursued short-term gains at the expense of the company's heritage, good will, and long-term welfare.

Welch sold off century-old, profitable divisions at GE to raise cash. He out-sourced jobs to China. He introduced a pyramidal management scheme in which the top 20% of managers got bonuses every year, but the bottom 10% got fired. 10% EVERY YEAR! This changed the goal of working at GE from co-operating to turn out a superior product to out-producing your colleagues at any cost. It created a cut-throat environment that was horrible in which to work, but which also caused the company's products and services to suffer.

I appreciate that Welch was a darling of Wall Street because of what happened to the stock price during his tenure. But, he was despised by the rank and file at GE because of what he did to them, and because of how they believe he destroyed a storied American institution.

Welch is a quintessentially modern CEO in that his goal was only to raise the price of the company's stock for the shareholders, even if it meant destroying the company and harming the employees. In that regard, he is much like Mitt Romney.

Just another retired CEO with an ego problem.

What is ironic is that Welch is complaining about being treated better than the way he treated his own employees for years. He would fire 10% of his staff every year, not because they were doing a bad job, but because they were only maintaining the same degree of improvement every year, relative to their peers.

When Welch started spewing nonsense about Obama doctoring the jobs report, he became one of the bottom 10% of Reuters/Fortune magazine's staff. That kind of nonsense damages the reputation of publications like Fortune. They called Welch out on his nonsense, and he didn't appreciate them treating him like a responsible journalist. He's part of the 1%. He shouldn't be expected to have to do a good job in order to be respected.

Welch took his ball and went home. He doesn't want to have to play by the same rules that apply to everyone else.

He did good with GE no denying, but his day has passed.

I am no expert on GE, but I might deny that Welch "did good with GE." See above.

I speak not from personal experience, and I am no expert on GE. But, you might be amazed to hear the hatred for that man that I have heard from so many, many GE employees.

[rareboy]

^This is so much closer to the truth.

I still hold GE stock and think that it is ironic that a man who helped wreck the American economy and jeopardize the future of the company has any credibility whatsoever.

It is about time that this man's opinions do not drive the American agenda. He was part of the problem and not part of the solution.

By the way. How much tax has GE managed to avoid paying again?

[Kulindahr]

@ T-Rexx:

I've heard of "troubles" at GE in the past, but never much detail. Thanks.

[BostonPirate]

ehh Who cares what chance thinks? He is just one of many opinions, and his carries the same weight and respect he gives to each individual.

Welch is the topic and he wants to take up for the guy.... his choice. We all take our chances...lol

What I find sad about welch and all the rest of the captains of industry that have gone apoplectic over the posibility they may have to pay the same tax rate as the middle class. He is not a job creator. He is a hired hand that writes Op Ed pieces in retirement, and it was a wise choice on his part to quit.

It just amuses me that those that dish out shit can rarely take it. Welch got used to people teling him whatever he wanted to hear.

Another man retires in disgrace, instead of WITH grace. It's about bad character and a thin skin.

OOOHHH others have opinions! EEEK!

Get out of the water if you cant swim anymore,

[maxpowr9]

^That's the main reason so many sociopaths end up as CEOs. They have blatant disregard for others' emotions and only care about themselves and money.

[rareboy]

^ And then like Welch, or Trump, when they are called on their bullshit they get their panties or Depends all in a bunch.

[LuvFindsAndyHardy]

He did good with GE no denying

Google "Owen D. Young" to see the heights a General Electric CEO could attain if he had more than just profits on his mind.

A wonderful man, counselor to presidents, and a titan of business (who was ALSO, strangely enough, a unionizer) He was TIME'S "man of the year" in 1929 and almost the Democratic Nominee in 1932 (it went to some other guy who's name I forget)

Here's a snapshot to start:
http://en.wikipedia.org/wiki/Owen_Young

[BostonPirate]

Thanks for the link... let me educate myself

[rareboy]

Well I see that my previous post got deleted.

One more time.

No one is wishing death on poor old Jack Welch. You just can't seem to make that distinction can you? First with LFAH and now here. It just seems to provide a convenient opportunity to chastise Jub posters in order to deflect where the real criticism belongs....ie... Jack-'I-look-like-Stalin's-corpse- and- am- talking- out -of -my -ass'-Welch.

Just because people get old doesn't make them nicer or smarter or intrinsically worth more as human beings, you know.

Welch was an asshat about a decade ago. Still is. For someone who set up GE to get some of the biggest bailouts in US history, he doesn't have much room to natter.

And apparently he agrees.

Time for him to play golf with Sumner Redstone and play naked in all his money.

[Kulindahr]

Andy said:

It was the thread about Karl Rove.

There's a thread about Rove?