Would love ❤️ for Jeff to explain why he let OUR Pension Fund get so bad? He minipulated the books.. My opinion. I’m prob right! 31B Jeff.. All I can say is what the f--- were U thinking running GE?
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I think he needs to be held accountable for running this company into the ground. Not a legacy I’d want to have.
http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ge-buybacks-20170616-story.html
With regard to GE not putting money into it since the 80's, that was well known and in the annual report where some of Jack's income growth came from captured Pension over funding, all legal. In spite of that the Pension was still over funded up to 2007 or so. Lower interest income and some bad management turned a $15B surplus into a $30B+ deficit.
https://www.bloomberg.com/news/articles/2017-06-16/ge-s-31-billion-hangover-immelt-leaves-behind-big-unfunded-tab
Unless mandated by law, why should he explain? The govt. agency[SEC] to look after this kind stuff is basically toothless and impotent.
I don't buy the "buy back" story. If that many outstanding shares were bought back, then the stock price would have been much higher. Think there needs to be an external audit.
Suggested reading. Talks a lot about GE's pension and how GE didn't put a diime in since the 1980's and how the pension actually helped the quarterly numbers....until decisions were made to not fund it.
https://www.amazon.com/Retirement-Heist-Companies-Plunder-American/dp/1591843332
GE spent approximately $50 billion on Stock buybacks over the last few years.