MMGL 12-10-12: Pt 1 of 2, (VP Debate, Lunatic Candidates)
In this segment I talked about the 2012 VP debate, Jack Welch’s infamous tweet and the rank bizarreness of Republican congressional candidates.
Jack Welch’s, the loser, wrote a book about winning. Or, in his up-side-down world his definition of winning is different? now infamous tweet:
Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers
I cannot say that Jack knows Jack about cooking books. In fact he knows a thing or two about cooking books.In the 1990s I used to follow many big name companies and their executives, their compensations etc closely. Many of the earnings reports were suspect. A couple of large companies were very prominent among them: GE (Welch) and IBM (Lou Gerstner). Quoting the Big Picture blog…
Of all the people who have something to say about the BLS, none is more unintentionally ironic than former GE CEO Jack Welch.
I have long stated that Jack welch was one of the luckier, more wildly over-compensated CEOs around. He became CEO of General Electric in 1981, just before an 18 year bull market in big cap stocks began. he left in 2001, just as the market implosion was getting rolling.
GE’s revenues grew 385% under his watch, but the company’s market cap grew 4000%. How did that happen? GE increased earnings over the years, and with stunning regularity, managed a quarterly profit beat.
According to many, there is no question that Welch cooked books while he was CEO at GE. They say it take one to know one. In that sense, is Welch right? Or, simply paranoid. Yesterday, it got better. The ex CEO of AIG agreed with Welch. Remember him – the guy whose boo-cooking recipes at AIG nearly brought the entire western financial system to total collapse, and destroyed 50% of world’s wealth in 2008?)
We will also talk about VP debate and more. My immediate assessment of the debate: VP Biden looked passionate, feisty and well prepared. Congressman Ryan was evasive, preachy and cocky.
Join me at 11 US Eastern only on Radio Tharanga.
Date of broadcast: 12-10-12
Audio Language: Telugu