GE leadership defined below. RIP to the many employees who took it on the chin with layoffs.
"WASHINGTON, Dec 9 (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday that General Electric Co(GE) has agreed to pay a $200 million penalty to settle charges for disclosure failures in its power and insurance businesses"
what a joke, the fine should be $1 Billion. For the existing employees , what option does the GE 401K offer you? What is the yearly returns for each c-appy option you have? Seems like a pretty corrupt plan. GE for years wanted the employees to invest in the GE stock plan. How screwed were those folks as they road this pony from $28 /share down to $5, 6 per share and up a whopping $10.84 per share now. All at the expense of Aviation and other divisions making massive head count reductions and benefit reductions and dividend reductions. GE leadership should be in jail.
That's roughly 1500 - 2000 headcounts that will need to be laid off to make up the shortfall. Nice work.
LOL. GE gave the same old boilerplate response to the settlement. We are transparent, we don't admit to any wrongdoing, we just want to settle the matter and move on. Blah, blah, blah.
2xjv+18kQanut- they earned those millions just like everyone that gets laid off earn those pink slips.
former executive goons who are responsible for this shameful situation got away with it and get to keep all their ill-gotten millions. Where is the accountability for them ?
@1rzp+18kQanut That’s only to cover them when the peons are acting up. There’s a reason companies like GE have so many corporate lawyers...
How did SS survive?
Surprise,,,surprise... NOT !!!
Anyone with half a brain five years ago, much less anytime in the past ten years, could have made an educated guess that the brainiac bean counters typically use this formula to advance their cause,
Past Revenue + Future Growth =
IT'S ALL ABOUT THE BENJAMIN'$$$...that we hope to make next year.
So we (the bean counters) will tell em' what THEY (the talking heads at the top) want to hear, which is, IT'S ALL GOOD, down here in the dungeon.
Oh yeah, let's not for get about the peons below us that built this company on their backs.
We'll just give the front office seat warmers their Xmas bonuses, for taking credit for what the less than worthy mini-peons out on the floor have accomplished.
Moral of the deplorable story,
*GET OUT WHILE
THE GETTINS' GOOD !*
GE will justify more layoffs for union shop especially 273 after this is done. Smoke and mirrors! Where is all this work coming from if the market for generators is down around 40% in demand. If GE stock piling parts for future service work?
Day after they said they would pay down 4B in debt. Wallstreet doesn't care about this, you shouldn't either. Unless your a powerless union troll. Oh wait thats most of people on this site.
I melt dragging the company down again.
This explains why there wasn't enough money for a turkey nor a Christmas dinner this year at our site.
https://www.bloomberg.com/press-releases/2020-12-09/general-electric-agrees-to-pay-200-million-penalty-for-disclosure-violations
I don't believe it. Every employee signs and complies to The Spirit & The Letter.
Clawback some of the former CFO’s salaries and bonuses.