Jack Welch made himself look ridiculous last week, claiming that the Chicago guys in The White House had manipulated the unemployment rate downward.
He dug the hole even deeper last night, when he said in the pages of the WSJ that the reaction to his comment reminded him of Soviet Russia.
So should you take him seriously at all?
Here at The Big Picture Conference, independent analyst Jim Bianco suggests that of course you should: Because according to him, Jack Welch was the master of numbers manipulation.
Everyone got a good LOL out of it at the conference, but just in case you’re not familiar with what Bianco is talking about, here’s a chart that was first posted on Barry Ritholtz’s blog that is just great. (That chart was pointed out to us by Eddy Elfenbein, who is here, and whose research you can find here).
It shows the GE earnings volatility under Jack Welch and the earnings volatility of the company thereafter starting in 2000 when Jeff Immelt took over.
Photo: Bloomberg, Business Insider
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