HOW JACK WELSH DESTROYED GE

Jack Welsh was a bean counter whose style of management is still running companies and the economy to this day.

He was no Icon, no seer.  He was a short-sighted man who placed quarterly profits above R&D, diversification and long-term thinking.

Every single one of his protégés went on to ruin major Fortune 500 companies using the same magic he did: forgo the future by focusing all resources (money and man-power) the present.

He cared only about stock price; everything else was secondary.

Those present-day CEO squeeze every penny out of employees, vendors and even customers.  This same thinking came to dominate Enron, Tyco International, MCI Communications, Arthur Anderson, Madoff Investments, WorldCom, and Lehman Brothers, many run by Jack Walsh GE graduates.  Greedy to the nth degrees, slaves to immediate gratification, dismissers of social good, long-term relationships, future growth.

Welsh led GE’s financial arm held billions of risky loans which then turned toxic.

Jack Wash left GE in a disastrous position: bloated by employees, mired in debt, with no new products to sell.

GE was worth $450 billion in 2007 and is now worth $50 billion.  That is Jack Walsh’s true legacy.

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