no surprise here with GE's history. it continues to craft a story that needs to be conveyed by the Chief Storyteller. Anyone else think that is wrong based on its history under I Melt. Is this a continuation? the recent earnings discussion did not have any substance with regard to the future revenue generation or cash generation from ongoing activities. Think they need a story teller to weave a tale to jack up the stock?
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A Chief Storyteller? Must be a fiction writer. GE has destroyed careers of hundreds of thousands of people yet the leaders think they need to keep a storyteller. If you worked at GE then you know this should be expected.
No amount of pr or spin from the ego maniac head of hr can erase what this company has done to millions of shareholders...how about trying to spin that!
Why did they sell 70,000 pensions to Athene life insurance company? I know to permanently write debt off books. Seems like sc-aping the barrel with the older GE workforce “smaller” pensions. Hope what little they get is protected in the future.
The story as I see it is, GE chose to use tens of billions of dollars to buy back stocks to stall a free fall of the stock price to preserve executive stock options instead of using the money to pay down debt. Just look at the severance and retirement pay I Melt and his cronies received when they left the company.
Now Culpable has no choice but to sell some of the profitable branches and lay off thousands to pay down the debt.
What is the "big" that is brewing?
The story he should be telling is how the company is shrinking and may survive but as a much smaller company. By end of this year numbers worldwide will be around 175k globally. Of this only about 65k in US. As hourly numbers go down so will salary numbers. Aviation was warned couple days before xmas vacation of layoffs over next 18 months. Also offered a VRIP. Power is still trying to sell steam group. Healthcare has been laying off and something big is brewing there from all the rumors going around.
It’s called cooking the books and perception that GE is turning around for the media. Behind the doors are job losses little bits at a time until the Balance The Books is complete. Yet the balance will never happen in reality just American workers dreams will be crushed. Thinking they have landed a career to be pushed to the bread line. Smoke and mirrors more cuts to power and aviation this year.