General Electric CEO Jeff Immelt’s speech on Wednesday at West Point was billed as “Renewing American Leadership.”
But after I read his address, the only thing it renewed were my doubts over Immelt’s past leadership and where he was taking the company.
It certainly is a remarkable speech. Under Immelt’s eight years at the helm, General Electric has lost almost two-thirds of its value. Earlier this year, GE was on the verge of a total meltdown. So was GE’s “leadership” to blame?
Apparently not. It’s American capitalism that’s at fault, Immelt implies. All that “meanness and greed”. Bad rich people. In Immelt’s view, good riddance to the 20th Century “individualistic win-lose game.”
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